Kenya Reinsurance Corporation Act

LAWS OF KENYA
THE KENYA REINSURANCE CORPORATION ACT
CAP. 487A
Revised and published by the National Council for Law Reporting
with the authority of the Attorney-General as gazetted by the Government Printer
www.kenyalaw.org

Kenya
Kenya Reinsurance Corporation Act
Cap. 487A
Legislation as at 31 December 2022
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Share widely and freely.

Kenya Reinsurance Corporation Act (Cap. 487A)
Contents
1. Short title ........................................................................................................................................................................................................... 1
2. Interpretation .................................................................................................................................................................................................... 1
3. Company to be successor of Kenya Reinsurance Corporation ........................................................................................................ 1
4. Trust property ................................................................................................................................................................................................... 2
5. Existing contracts, conveyances, etc. ....................................................................................................................................................... 2
6.

................................................................................................................................................. 2
6.

Existing business ............................................................................................................................................................................................. 2
7. Legal proceedings, etc. .................................................................................................................................................................................. 3
8. Employees and pension schemes ............................................................................................................................................................. 3
9. Evidence of books, documents, etc. ......................................................................................................................................................... 4
10. Exemptions of taxes, duties, etc. ............................................................................................................................................................ 4
11.

................................................................................................................................................ 4
11.

Duties of public officers ............................................................................................................................................................................. 4
12. Application of Cap. 487 to the company ............................................................................................................................................. 4
13. [Spent] ............................................................................................................................................................................................................... 4
14. [Spent] ............................................................................................................................................................................................................... 4
15. [Spent] ............................................................................................................................................................................................................... 4
16.

................................................................................................................................................ 4
16.

[Spent] ............................................................................................................................................................................................................... 4
17. [Spent] ............................................................................................................................................................................................................... 4
18. [Spent] ............................................................................................................................................................................................................... 4
19. [Spent] ............................................................................................................................................................................................................... 4
20. [Spent] ............................................................................................................................................................................................................... 4

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Kenya Reinsurance Corporation Act (Cap. 487A) Kenya
KENYA REINSURANCE CORPORATION ACT
CAP. 487A
Published in Kenya Gazette Vol. XCIX—No. 50 on 3 October 1997
Assented to on 1 October 1997
Commenced on 10 August 1998 by Kenya Reinsurance Corporation Act Commencement
[Revised by 24th Annual Supplement (Legal Notice 221 of 2023) on 31 December 2022]
An Act of Parliament to facilitate the reconstitution of the Kenya Reinsurance Corporation into a public
limited liability company, to provide for the transfer of the assets, liabilities and the business of the
Kenya Reinsurance Corporation to the company, and for connected purposes
1. Short title
This Act may be cited as the Kenya Reinsurance Corporation Act. 2. Interpretation
In this Act, unless the context otherwise requires—
"appointed day" means the date of commencement of this Act;
"Cabinet Secretary" means the Cabinet Secretary for the time being responsible for finance;
"Company" means the Kenya Reinsurance Corporation Limited;
"Kenya Reinsurance Corporation" means the Corporation established under Part XIII (now repealed) of the
Insurance Act (Cap.

rance Corporation Limited;
"Kenya Reinsurance Corporation" means the Corporation established under Part XIII (now repealed) of the
Insurance Act (Cap.

487);
"Kenya Reinsurance Corporation Limited" means the public limited liability company by that name,
incorporated pursuant to the provisions of section 3;
"undertaking" in relation to the Kenya Reinsurance Corporation means its existing business, assets
and property vested in or held by it and all liabilities to which it is subject in respect of its business
immediately before the appointed day. 3. Company to be successor of Kenya Reinsurance Corporation
(1) For the purpose of bringing the provisions of this Act into operation, the Kenya Reinsurance
Corporation shall, in exercise of the powers conferred by section 30 of the Interpretation and
General Provisions Act (Cap. 2), incorporate in its name a public limited liability company under the
provisions of the Companies Act (Cap. 486).

and
General Provisions Act (Cap. 2), incorporate in its name a public limited liability company under the
provisions of the Companies Act (Cap. 486).

(2) The Company shall be the successor of the Kenya Reinsurance Corporation and, subject to this Act,
all rights, duties, obligations, assets and liabilities of the Kenya Reinsurance Corporation existing
on the appointed day shall be automatically and fully transferred to the Company and any reference
to the Kenya Reinsurance Corporation in any contract or document shall for all purposes be deemed
to be a reference to the Company. 1

nd any reference
to the Kenya Reinsurance Corporation in any contract or document shall for all purposes be deemed
to be a reference to the Company. 1

Kenya Reinsurance Corporation Act (Cap. 487A) Kenya
4. Trust property
(1) Any property or right vested in the Company by virtue of this Act which immediately before the
appointed day, vested in the Kenya Reinsurance Corporation, either alone or jointly with any other
person—
(a) as trustee or custodian trustee under any trust deed, settlement, covenant or under any other
instrument; or
(b) as executor or trustee of any person; or
(c) as judicial trustee appointed by order of any court; or
(d) in any other fiduciary capacity,
shall, on the appointed day, vest in the Company alone or jointly with such other person, upon the
same trusts and subject to the same powers, provisions, liabilities and obligations.

in the Company alone or jointly with such other person, upon the
same trusts and subject to the same powers, provisions, liabilities and obligations.

(2) Any existing instrument or order of any court under or by virtue of which any property or right
vested in Kenya Reinsurance Corporation in any capacity specified in subsection (1), including, in
the case of a will, any grant of probate thereof, and any provision therein or any existing contract or
arrangement for the payment or retention by the Kenya Reinsurance Corporation of remuneration
for its services in any such capacity shall, on and after the appointed day, be construed and have
effect, so far as the context permits, as if for any reference therein to the Kenya Reinsurance
Corporation, there were substituted a reference to the Company. 5. Existing contracts, conveyances, etc.

ny reference therein to the Kenya Reinsurance
Corporation, there were substituted a reference to the Company. 5. Existing contracts, conveyances, etc.

Any existing contracts, agreements, conveyances, deeds, leases, licences, permits, exemptions, powers
of attorney, undertakings, securities and other instruments, whether analogous to the foregoing or not,
entered into by, made with or granted or addressed to the Kenya Reinsurance Corporation whether alone
or with any other person and whether as principal or agent shall, as from the appointed day, be binding
and of full force and effect in every respect against or in favour of the Company as if, instead of the Kenya
Reinsurance Corporation, the Company had been a party thereto, bound thereby or entitled to the benefit
thereof and as if any reference, express or implied, to any director, officer or employee of the Kenya
Reinsurance Corporation as respects anything to be done on or after the appointed day, were substituted a
reference to the director, officer or employee of the Company who most nearly corresponds thereto. 6.

n or after the appointed day, were substituted a
reference to the director, officer or employee of the Company who most nearly corresponds thereto. 6.

Existing business
Without prejudice to the provisions of any other section of this Act, the following provisions shall have
effect in relation to the business of the Kenya Reinsurance Corporation vested in the Company by virtue of
this Act—
(a) any account between the Kenya Reinsurance Corporation and a customer shall, on and after the
appointed day, become an account between the Company and the customer, with the same rights
and subject to the same obligations and incidents, including the rights of set-off as theretofore, and
the account shall be deemed to be a single continuing account:
Provided that nothing in this paragraph shall affect any right of the Company or of the customer to
vary the conditions or incidents subject to which the account is kept;
(b) any existing instruction, direction, mandate, power of attorney, authority or consent given to or by
the Kenya Reinsurance Corporation shall have effect, on and after the day, as if given to or by the
Company;
(c) any security held by the Kenya Reinsurance Corporation for the payment of debts or liabilities,
whether present or future, actual or contingent, of any person, which is transferred to the Company
shall, on and after the appointed day, be held by and be available to the Company as security for
the payment of such debts and liabilities to the Company, and where the moneys secured by the
2

eld by and be available to the Company as security for
the payment of such debts and liabilities to the Company, and where the moneys secured by the
2

Kenya Reinsurance Corporation Act (Cap.

Kenya Reinsurance Corporation Act (Cap.

487A) Kenya
security include future advances or liabilities of such person, the security shall, as from that day,
be held by and be available to the Company as security for future advances to that person by, and
future liabilities of, that person to the Company to the same extent to which the same was held
by or available to the Kenya Reinsurance Corporation immediately before the appointed day as
security for future advances or future liabilities;
(d) the Company shall, in relation to any security transferred or deemed to have been transferred to it
and to the moneys thereby secured, be entitled to the same rights and priorities, and be subject to
the same obligations and incidents, as the Kenya Reinsurance Corporation would have been entitled
and subject to if the same had continued to be held by the Kenya Reinsurance Corporation;
(e) any negotiable instrument or order for payment of money, whether drawn, given, accepted or
endorsed before, on or after the appointed day, which is expressed to be drawn by or on, given by or
to, or accepted or endorsed by the Kenya Reinsurance Corporation shall on or after the appointed
day have effect as if it had been drawn by or on, or given by or to, or accepted or endorsed by the
Company;
(f) where, by the operation of the provisions of this Act, any right, liability or obligation becomes a
right, liability or obligation of the Company, all other persons shall, on and after the appointed
day, have the same rights, powers and remedies, and, in particular, the same rights and powers as
to taking or defending any legal proceedings or any application to any authority, for ascertaining,
perfecting or enforcing that right, liability or obligation as if it had at all times been a right, liability
or obligation of the Company;
(g) the custody of any documents, goods or other property held by the Kenya Reinsurance Corporation
as bailee for any other person shall be transferred to the Company on the appointed day and the
rights and obligations of the Kenya Reinsurance Corporation under any contract of bailment
relating to such documents, goods or other property shall be transferred or deemed to be
transferred to the Company on that day; and
(h) any bank or other accounts, books of accounts, revenue accounts, balance sheets, audited accounts,
profit and loss accounts, actuarial or other valuations, accounting records, or any other accountable
documents held by or belonging to the Kenya Reinsurance Corporation immediately before the
appointed day shall on and after the appointed day be held by and belong to the Company.

g to the Kenya Reinsurance Corporation immediately before the
appointed day shall on and after the appointed day be held by and belong to the Company.

7. Legal proceedings, etc. (1) No existing legal or arbitration proceedings or application to any authority by or against the Kenya
Reinsurance Corporation shall abate, be discontinued or be in any way prejudiced by reason only of
the provisions of this Act, but the same may be prosecuted or continued by or against the Company
and any judgment or award obtained by or against the Kenya Reinsurance Corporation and not fully
satisfied before the appointed day shall thereafter be enforceable by or against the Company. (2) In any legal or arbitration proceedings concerning any right or liability transferred to or vested in
the Company by this Act, a certificate under the hand of the manager of a branch of the Company
that such right or liability has been so transferred to or vested in the Company shall be prima facie
evidence of that transfer or vesting. 8.

Company
that such right or liability has been so transferred to or vested in the Company shall be prima facie
evidence of that transfer or vesting. 8.

Employees and pension schemes
(1) Any person who is employed by the Kenya Reinsurance Corporation immediately before the
appointed day shall on that day become an employee of the Company on the same terms and
conditions of service as his existing terms and conditions and subject to any subsisting notice
of termination, resignation or variation, and such employment with the Kenya Reinsurance
Corporation and the Company shall be deemed to be continuous. (2) Any reference to the Kenya Reinsurance Corporation in any trust deed or rules constituting or
relating to any pension scheme or provident or superannuation fund of which persons employed
by the Kenya Reinsurance Corporation are members shall, on and after the appointed day, be
construed and have effect as if the same were a reference to the Company but so that, for the
3

are members shall, on and after the appointed day, be
construed and have effect as if the same were a reference to the Company but so that, for the
3

Kenya Reinsurance Corporation Act (Cap. 487A) Kenya
purpose of ascertaining and calculating any right to benefits under such scheme or fund, service
with the Kenya Reinsurance Corporation up to the appointed day shall be taken into account as if it
were service with the Company. (3) The operation of any of the provisions of this section shall not of itself give rise to a claim by any
person to benefit under any scheme or fund referred to in subsection (2). 9. Evidence of books, documents, etc. On and after the appointed day, all documents, records and admissions which would, before the appointed
day, have been evidence in respect of any matter for or against the Kenya Reinsurance Corporation shall be
admissible in evidence for or against the Company. 10. Exemptions of taxes, duties, etc. Notwithstanding the provisions of any other written law, no corporation or other tax, no stamp or other
duty and no registration fee, filing fee, reinsurance licence fee or any other fee, shall be charged or
become payable on account of any transfer or vesting of any property effected by this Act or on account of
anything done under section 11. 11.

rged or
become payable on account of any transfer or vesting of any property effected by this Act or on account of
anything done under section 11. 11.

Duties of public officers
Every public officer having the power or duty to effect or amend any entry in any register relating to
property, or to issue or amend any certificate or other document effecting or evidencing title to property
shall, upon request made by or on behalf of the Company or the owner of such property, and without
making any charge or receiving any fee or other payment therefore, do all such things as are by law
necessary to complete the transfer of any property effected by this Act. 12. Application of Cap. 487 to the company
(1) The provisions of the Insurance Act (Cap. 487) shall, subject to subsection (2), be applicable to the
Company. (2) The provisions of Parts IV, XII and XIV of the Insurance Act shall not apply to the Company. 13. [Spent]
14. [Spent]
15. [Spent]
16. [Spent]
17. [Spent]
18. [Spent]
19. [Spent]
20. [Spent]
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