A bill for an Act of Parliament to amend the Insurance Act enacted by the parliament of Kenya, as follows-

1. This act may be cited as the Insurance (Amendment) Act, 2023
2. Section 40 of the Insurance Act is amended by deleting the proviso to subsection (1).
3. The Insurance Act is amended by inserting the following new section immediately after section 67G-

67H. (1) Any shareholder, director, principal officer or management staff of an insurer who-

1. Fails to take all reasonable steps to secure the compliance of a registered or licensed person with this Act;
2. Fails to take all reasonable steps to secure the accuracy and correctness of any ststement or report submitted under this act or any other applicable written law;
3. Fails to supply any information required or effect any directive issued under this Act;
4. Fails, without lawful justification, to settle a judgement or any claim under this Act; or
5. Without claim of right takes or converts any property of the insurer to his or her personal or associate’s use or gain, including-