@BusinessDaily

AG opposes bid to clip powers of insurance firms regulators

7 months ago, 8 Mar 17:35

By: Sam Kiplagat

The Attorney General has 14 days to file his response in a case filed by the lawyers’ umbrella body seeking to clip the powers of the Insurance Regulatory Authority in appointing statutory managers of underwriters placed under receivership. Appearing before Justice Chacha Mwita on Thursday, the AG’s representative, who said the State is opposed to the case, was told to file his papers in two weeks. The Law Society of Kenya, which has filed the case on behalf of the public, was allowed to put in a further statement ahead of the hearing on May 21. In the case, the LSK says provisions of the law relating to the appointment of statutory managers and declarations of moratoriums are inconsistent with the Constitution of Kenya and ought to be declared null and void. In a sworn statement, LSK CEO Mercy Wambua said the Commissioner of Insurance and IRA are in breach of their duties and have abused and misused their powers by failing to conduct the required management of several insurance companies with reasonable speed. She said the regulator has instead been installing managers and placing infinite moratoriums and unreasonably lengthy receivership spells. Ms Wambua said the move has delayed compensation of accident victims and some deprived of their livelihoods, their legal fees and their ability to serve their clients effectively. She further said accident victims have been unable to recover compensation for their injuries.
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Category: business news corporate economy lifestyle opinion markets

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@BusinessDaily

AG opposes bid to clip powers of insurance firms regulators

7 months ago, 8 Mar 17:35

By: Sam Kiplagat
The Attorney General has 14 days to file his response in a case filed by the lawyers’ umbrella body seeking to clip the powers of the Insurance Regulatory Authority in appointing statutory managers of underwriters placed under receivership. Appearing before Justice Chacha Mwita on Thursday, the AG’s representative, who said the State is opposed to the case, was told to file his papers in two weeks. The Law Society of Kenya, which has filed the case on behalf of the public, was allowed to put in a further statement ahead of the hearing on May 21. In the case, the LSK says provisions of the law relating to the appointment of statutory managers and declarations of moratoriums are inconsistent with the Constitution of Kenya and ought to be declared null and void. In a sworn statement, LSK CEO Mercy Wambua said the Commissioner of Insurance and IRA are in breach of their duties and have abused and misused their powers by failing to conduct the required management of several insurance companies with reasonable speed. She said the regulator has instead been installing managers and placing infinite moratoriums and unreasonably lengthy receivership spells. Ms Wambua said the move has delayed compensation of accident victims and some deprived of their livelihoods, their legal fees and their ability to serve their clients effectively. She further said accident victims have been unable to recover compensation for their injuries.
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