Share capital increase

The year 2012 draft budget law provides for a significant increase in the minimum capital of insurance and reinsurance companies. Reinsurers will now have to come up with 800 million KES (9.69 million USD) of capital compared to 500 million KES (6.06 million USD) previously. The share capital of life insurance companies rose from 50 million KES (606 000 USD) to 150 million KES (1 818 000) and that of non-life companies from 100 million KES (1 212 000 USD) to 300 million KES ( 3 636 000 USD). The companies concerned will have two years to comply with these new requirements.

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