Magazine date:
Feb 2013 Out of the 45 insurance companies listed in Kenya, 15 have not yet obtained renewal of their license. Denial is mainly accounted for by failure to comply with the criteria governing shareholding. The insurance code provides that an individual shareholder cannot control more than 25% of the capital of an insurance company. Beyond 10% participation, the authorities have a right to inspect the shareholders. This law was enacted after the decade of instability before 2005. The 15 insurers who have not complied with the regulations have to straighten up no later than March 1st .