M-Wakili

African Re Insurance Corporation Mandatory Re Insurance Cessions Act No 2of 1994 - as Plain Text by MWakili

LAWS OF KENYA AFRICAN RE-INSURANCE CORPORATION (MANDATORY RE-INSURANCE CESSIONS) ACT No.

2 of 1994 Revised Edition 2012 [1994] Published by the National Council for Law Reporting with the Authority of the Attorney-General www.kenyalaw.org [Rev.

2012] No.

2 of 1994 African Re-Insurance Corporation (Mandatory Re-Insurance Cessions) NO 2 OF 1994 AFRICAN RE-INSURANCE CORPORATION (MANDATORY RE-INSURANCE CESSIONS) ACT ARRANGEMENT OF SECTIONS Section 1.

Short title.

2.

Interpretation.

3.

Mandatory re-insurance cessions to the Corporation.

4.

Re-insurance arrangements for local risks.

5.

Right to accept or decline business offered.

6.

Commissioner of Insurance to administer Act.

7.

Offences and penalties.

3 [Issue 1] [Rev.

2012] No.

2 of 1994 African Re-Insurance Corporation (Mandatory Re-Insurance Cessions) NO 2 OF 1994 AFRICAN RE-INSURANCE CORPORATION (MANDATORY RE-INSURANCE CESSIONS) ACT [Date of assent: 8th May, 1994.] [Date of commencement: 1st January, 1978.] An Act of Parliament to provide for mandatory re-insurance cessions to the African Re-insurance Corporation and for matters related or incidental thereto 1.

Short title This Act may be cited as the African Re-insurance Corporation (Mandatory Re-insurance Cessions) Act, 1994.

2.

Interpretation In this Act, unless the context otherwise requires Agreement means the Agreement establishing the African Re- insurance Corporation; Corporation means the African Re-insurance Corporation established by the Agreement; Commissioner of Insurance means the Commissioner of Insurance appointed under section 3 of the Insurance Act (Cap.

487); insurance business has the meaning assigned to it in section 2 of the Insurance Act; insurance and re-insurance institution means any insurance and re- insurance institution registered or authorized to carry on insurance business in Kenya.

3.

Mandatory re-insurance cessions to the Corporation (1) Any insurance or re-insurance institution shall, on or after the commencement of this Act, offer to place with the Corporation a minimum of five per cent of each of their re-insurance cessions both present and future, including life treaties undertaken on terms accorded to most favoured re-insurers.

(2) The minimum re-insurance cessions prescribed by subsection (1) of this section are independent of any mandatory cessions prescribed under section 145 of the Insurance Act (Cap.

487).

(3) Subject to any amendment to article 27 of the Agreement in respect of the minimum re-insurance cessions, the Minister for the time being responsible for Insurance may by Order published in the Gazette vary the minimum re-insurance cessions specified in subsection (1) of this section.

5 [Issue 1] No.

2 of 1994 [Rev.

2012] African Re-Insurance Corporation (Mandatory Re-Insurance Cessions) 4.

Re-insurance arrangements for local risks (1) Where local insurance business is covered by global re-insurance treaties established outside Africa every national, foreign or local establishment engaged in direct insurance activities in Kenya shall, on or after the commencement of this Act, conclude separate re-insurance treaties for the local risks.

(2) Nothing in subsection (1) shall prevent any insurance institution from entering into a direct re-insurance treaty with the Corporation in respect of the whole or part of the risks undertaken by such institution or from making such other arrangements as are mutually acceptable to the Corporation and such institution.

5 Right to accept or decline business offered (1) The Corporation may accept or decline all or part of the re-insurance cessions offered to be placed with it under this Act; and in that case the Corporation shall furnish the insurance or re-insurance institution concerned, as the case may be, if so required, with the reasons for its refusal.

(2) Where re-insurance cessions are refused under subsection (1) of this section any liability of the insurance or re-insurance institution shall cease.

6.

Commissioner of Insurance to administer Act (1) The Commissioner of Insurance shall administer this Act.

(2) The Commissioner may in the discharge of his functions under subsection (1) of this section issue such directions as he deems necessary or expedient for carrying out the purposes of this Act.

7.

Offences and penalties (1) Any person who fails (a) to comply with section 3; or (b) to comply with any directions issued by the Commissioner of Insurance under section 6, shall be guilty of an offence and liable to a fine not exceeding fifty thousand shillings, and if the offence continues, to a further fine of two thousand shillings for every day during which the offence continues.

(2) Where a person guilty of an offence under subsection (1) of this section is a natural person that person shall be liable in addition to, or in lieu of, a fine, to imprisonment for a term not exceeding three years.

(3) Where a person guilty of an offence under subsection (1) of this section is a body corporate, then notwithstanding the imposition of any penalty under this section, the commission of that offence shall constitute sufficient grounds whereby the Commissioner may apply to the court for winding-up of that body corporate, if such body is incorporated in Kenya.

[Issue 1] 6.

Frequently asked questions

What is M-Wakili?

M-Wakili (Wakili AI) is an advanced AI-driven legal aide proficient in interpreting Kenyan law.
This tool is useful for lawyers, law students, and the public, providing exhaustive and concise solutions to legal issues.
M-Wakili is more than an information database, it dissects and analyzes legal documents, clarifying their essence and implications to answer queries accurately. Alongside its legal expertise, M-Wakili also produces persuasive written content.
The primary aim of M-Wakili is to provide world-class legal support to people from all walks of life, while also aiding the advancement of law professionals by enhancing research efficiency.
This innovative platform promises to revolutionize the legal field, enhancing the accessibility and effectiveness of legal expertise.

Will I get immediate answers to my legal questions 24/7?

Yes the service is available 24/7 and you will get answers to your legal questions within seconds.

How does M-Wakili work?

M-Wakili is a custom trained AI model that uses algorithms and machine learning to understand and answer a user's questions. It bases its responses on the existing Kenyan laws and regulations.

Is M-Wakili accurate?

Yes, M-Wakili is designed to provide accurate and reliable responses based on Kenyan Law and is considered more accurate than almost all AI models including ChatGPT. Additionally, it is constantly being updated and improved to ensure it is aware of the occurring changes in the laws and regulations.
If you find any model that is more accurate than M-Wakili, please let us know and we might give you a free subscription or a *refund. (We reserve the right to determine the accuracy of the model and if you should be given a refund or free subscription. Our terms and conditions apply.)

Who can use M-Wakili?

Everyone can use M-Wakili. Lawyers and law students can use it as a legal research tool, and the general public can use it to get answers to their legal queries.

How can I access M-Wakili?

You can access M-Wakili through our website. Just type in your question, and M-Wakili will provide the answers.

Is M-Wakili a substitute for a human lawyer?

No it cannot and will not be, M-Wakili is designed to assist and provide legal information and is great at that. However, there are still situations where the expertise and personal touch of a real lawyer is necessary, such as in court representation and negotiations.
Fun fact, most of our paying users are lawyers! They use M-Wakili to help them with legal research and analysis.

Is AI going to replace lawyers?

No. M-Wakili AI is great for helping real-life lawyers with legal work and assisting people in understanding legal problems, providing many ways how to handle them. However, AI cannot replace the human touch of a real lawyer. There are still situations where the expertise and personal touch of a real lawyer is necessary, such as in court representation and negotiations.
In fact, most of our paying users are lawyers! They are excited about the possibilities of AI in the legal industry and are leveraging it to save time and energy and focus on higher-level tasks.
AI can make the legal market more convenient for both sides by allowing real lawyers to focus on specialized services while using AI to handle certain tasks.

Is my data secure with M-Wakili?

Yes, we prioritize user data privacy and have implemented strict measures to ensure that your data is secure.

Can M-Wakili represent me in court?

Not yet, M-Wakili cannot represent you in court. It can help you understand the law and your legal situation, but you will need a human lawyer for court representation.

Do I need to pay for M-Wakili services?

Currently, we offer basic features for free while premium services require a subscription fee. Please visit our pricing page for more details.

How can M-Wakili help law students?

M-Wakili can assist law students in learning and practicing their legal research and analysis skills. It may also offer insights into current legal trends and issues, helping prepare them for their future in law.

What does "HHH" mean?

Helpful, Honest, and Harmless (HHH) are three components of building AI systems (like M-Wakili) that are aligned with people’s interests.
- Helpful: M-Wakili wants to genuinely help the user
- Honest: M-Wakili shares information it believes to be true, and avoids made-up information
- Harmless: M-Wakili will not cooperate in aiding the user in harmful activities or lead the user to harms way