March 2014
A WORD FROM THE EXECUTIVE DIRECTOR
In the Finance Act 2013, an amendment was introduced to the Customs &
Excise Act Cap 472 introducing a 10% Excise Duty on any fees, charges or
commissions charged by Financial Institutions.
For the purpose of this amendment financial institutions in our case, would refer
to any person licensed under the Insurance Act. Persons registered under
the Insurance Act include inter-alia, insurance and reinsurance companies,
all intermediaries, loss assessors and adjusters, and investigators.
On the face of it, this amendment would require that premium charged by an
insurance company to its clients is subjected to a further loading of 10% as
Excise Duty. Brokers and Agents would load the commissions charged to
Insurance Companies by 10% as would service providers.
The overall effect would be that cost of Insurance to the insuring public
would go up. Business acquisition cost by insurers would go up and the cost
of services by service providers would go up too.
The amendment was to take effect from 18th June 2013. By the time the
industry got wind of it, we were already into mid- July 2013. There was very
little time for the industry to fully understand and appreciate the full impact of
this amendment leave alone implementing it.
In view of this, the Association of Kenya Insurers moved to court to prohibit
Kenya Revenue Authority from demanding the duty until it was made clear
what fees, commissions and charges entailed and what the impact would be
in the whole insurance value chain.
The Association obtained an injunction and the matter is still in court up to
date. The breathing space that was delivered by the injunction has allowed
AKI and other stakeholders to constructively engage the Parliamentary
Committee on Trade and Finance, Treasury, Kenya Revenue Authority
(KRA) and Insurance Regulatory Authority (IRA) with a view to making them
understand the impact that this amendment would have on the insurance
business and therefore the need to exclude all core revenue streams of all
persons registered under the Insurance Act from levying excise duty.
We have already put in a proposed amendment which, we hope will be
captured in the current Government budgetary cycle.
Mr. Tom Gichuhi,
AKI Executive Director
“The breathing space
that was delivered by
the injunction has
allowed AKI and
other stakeholders to
constructively engage the
Parliamentary Committee
on Trade and Finance,
Treasury, Kenya Revenue
Authority (KRA) and
Insurance Regulatory
Authority (IRA) with
a view to making them
understand the impact that
this amendment would
have on the insurance
business.”
1
GENERAL INSURANCE UPDATE
AKI Property & Engineering Technical Seminar
3rd April 2014 at Mombasa Beach Hotel
A. Property & Engineering
1. IRA Industry Listed Risks
Committee
The Committee continue to evaluate and
guide the industry on listed risks.
2. Standardisation of fire policy
The committee has finalised the
standardisation of fire policy. The
exercise started after the political
violence of 2007/2008 where different
companies had different wordings. Once
the document is adopted by the General
Insurance Council, the same will be
forwarded to members.
3. Engineering Technical Seminar in
Mombasa
2
The above seminar was held in
Mombasa on 3rd April 2014. This was
a replica of the one organised in Nairobi
for underwriting and claims managers in
2013. The committee has noted that most
companies have branches in Mombasa
but the underwriters there are not
empowered through technical seminars.
Towards this end, the Committee decided
to take them through the difference
between CAR and EAR, Electronic
Equipment Insurance, Deterioration of
Stock, Fire Hazards and Fire Fighting
Systems.
B. ACCIDENT TECHNICAL
COMMITTEE
Occupational Safety and Health (OSH)
Workshops Impact Assessment.
The Secretariat received the research
findings from TNS Research Company
that was engaged to carry out a study
on the impact of the occupational and
safety at workplace workshops. The
objective was to establish whether the
workshops had a positive impact to
the participants. The findings showed
that the participants were more
enlightened after the workshops and
have consequently implemented the laid
down recommendations. It is expected
that this will in the long run contribute to
minimisation of work related injuries.
C. MARINE & AVIATION TECHNICAL
COMMITTEE
1. Hangar Keepers, Airport Owners
and Operators Liability Proposal Form
and Policy Documents
The Aviation sub-committee comprising
of aviation underwriters has developed
both proposal form and policy documents
for the above classes of insurance.
The same will be forwarded to aviation
underwriters after the adoption by
GENERAL INSURANCE UPDATE
the General Insurance Council. The
committee intends to embark on
developing the underwriting guidelines
for the following classes:
• Aviation Insurance
• Air Balloon Insurance
• Hanger Keepers, Airport Owners and
Operators Liability Insurance.
2. Marine Hull Underwriting Guidelines
The committee has finalised the proposal
form, policy, claims procedures and
underwriting guidelines for marine hull
insurance. The same will be presented
to the General Insurance Council for
adoption.
The committee intends to come up with
a policy that is all inclusive addressing
the needs for the small vessels plying
in Kenyan waters. This was identified
as a necessary product by the small
vessel owners along the Coast during a
workshop held in Malindi in 2013. This
year the committee intends to organise
another workshop in Kwale with the
objective of sensitising the vessel owners
to take insurance which in any case is a
requirement by Merchant Shipping Act.
agreed that other stakeholders will be
involved in organising the 2014 event.
2. Resolution 19/2013
Complaints of non-compliance have
been received at the secretariat. A
general insurance forum was held on 5th
February 2014 to discuss this matter. The
CEO of IRA addressed the meeting. It was
agreed that all companies must comply
with the IRA Underwriting Guidelines
with effect from 1st May 2014. The CEO
of IRA also informed members that stiff
penalties will be imposed on those who
will be not comply. Inspections will also
commence in the month of May.
3. Motor Third Party Amendment Act,
2013
D. Motor Technical Committee.
This Act was signed into law in December
2013. However, a copy of the same is yet
to be received from Government printers.
LSK has gone to court and filed a petition
to challenge the constitutionality of the
Act. Lumumba & Lumumba Advocates
have been appointed by AKI, with
instructions to enjoin AKI in the petition.
This has already been done. The lawyers
are preparing the relevant papers for
filing. This matter will be coming up for
mention on 6th May 2014.
1. 2013 Road Safety Awards
4. Road Safety Campaign
The ceremony was successfully held
on 7th November 2013 at Crown
Plaza Hotel. The Cabinet Secretary
responsible for the Ministry of Transport
and Infrastructure graced the event.
The Committee has started working on
the 2014 event. It has been suggested
that this event be improved. It has been
The campaign for the Easter Holidays
started on 7th April 2014. The same will
run for a period of one month on Radio
Citizen. It involves an activation in the
morning hours and running messages
in the afternoon and evening. The
messages are focusing on the drivers,
motor cycle riders and empowering
passengers.
E. Medical Technical Committee
1. Fraud survey
Ms Maxworth Associates finalised the
fraud survey report. A dissemination
workshop was held on 13th March 2014,
at Serena hotel, Nairobi. The committee
will discuss the recommendations further
with a view of coming up with the way
forward. Executive summary of the
findings has been posted on the website.
2. Medical CEO’s forum
A request had been made to the
Secretariat to have the medical CEO’s
forum established. This request was
approved by the AKI Board. The inaugural
meeting was held on 25th March 2014,
and the terms of reference were agreed.
A working group was formed to discuss
the real issues facing medical business
for further discussion by the forum.
F. Motor Pool
The motor pool Annual General Meeting
was successfully held on 20th February
2014. The major highlights were as
follows:
• Accounts for the year ended 30th
September 2013 were ratified.
• The decision of the Motor Pool
Winding Up Committee to drop
Deloitte & Touche and bring on board
Ernest & Young as Auditors was
ratified by the general membership.
3
LIFE INSURANCE UPDATE
Life Business Division
AKI AGENTS OF THE YEAR AWARDS (2013) & GROUP
LIFE BEST PRACTICE AWARD EVENT
The Group Life Best Practice Award which was incorporated last
year recognizes the companies that have embraced innovation
and good business practice in Group Life business.
The AAYA Event was held on Friday, 7th March 2014 at
Carnivore Grounds. The Theme of the event was “Endless
Possibilities - Breaking Down Barriers and Changing
Perceptions”. The event is now in its 11th year having started
in 2002.
Many of the winning Sales Agents hold University degrees, a
few of them have MBA qualification and one is a PHD holder.
This is evidence that the sales agent career has attracted the
right people who will help move the industry forward.
The AAYA event comprises three main functions in one day;
namely the Agents’ Forum, the CEO’s Breakfast Forum and
the Dinner Awards Ceremony.
New Business Production
The Agents Forum was held at the Carnivore Grounds from
8.00 am to 2.00 pm for all the 541 qualifying sales agents. The
training was very well received and included a team building
session for the entire group.
The CEO’s Breakfast Forum was held at Serena Hotel from
7.00 am to 9.30 am and all the industry CEO’s were invited.
The guest speaker was Mr. Vimal Shah – Chief Executive,
Bidco Group who presented on the topic ‘Sectors that have
Achieved Exponential Growth – Lessons for the Insurance
Industry’.
Agnes Kagure Kariuki of CFC Life, The overall winner
receiving her gift from the Guest of Honour, Mr. Bob Collymore
assisted by AKI Chairman and AKI Executive Director.
The Dinner Awards Ceremony was well attended by over
one thousand guests. The Guest of Honour was Mr. Bob
Collymore, Chief Executive Officer, Safaricom Ltd.
The main objective of the award ceremony is to recognize the
exemplary performance of the top salespersons in the industry
and motivate them to achieve greater productivity and improve
the volume and quality of business sold. The event has been
instrumental in the growth of ordinary life business, promoting
professionalism among the life agents and developing the Life
Agency force across the companies. The number of qualifying
Agents has grown by 29% from 418 in 2012 to 541 in 2013.
The total number of policies sold per year by the qualifying
Agents has also grown by 34% from 23,525 in 2012 to 31,581
in 2013, while the annualized premium sold by the qualifying
Agents has increased by 42.8% from Kshs. 1.4 billion in
2012 to Kshs. 2 billion in 2013.
4
Patrick Kimemia Kahinga of Pan Africa Life, the 1st Runners
Up, receiving his gift.
Stephen Karanja of Britam, the 2nd Runners Up,
receiving his gift.
LIFE INSURANCE UPDATE
The Awards also include an award for ‘Company of the year Award’ which is an award to the company whose qualifying sales agents
have the highest new business sales. In 2013, Britam was crowned the ‘Company of the Year’, while Pan Africa Life took Second
position with CFC Life taking Third position.
The Company of the Year Award
BRITAM CEO, Mr. Wandera receives the Award for overall winner of the Company of the Year Award from
Mr. Wilson Sossion, KNUT Secretary General.
Pan Africa Life CEO, Mr. Tom Gitogo receives the award for
1st Runners Up - Company of the Year Award
CFC Life CEO, Mr. Abel Munda receives the award for
2nd Runners Up - Company of the Year Award
Persistency Award
Agnes Kagure Kariuki of CFC Life, The
overall winner of the Persistency Award
receiving her gift from the Guest of
Honour, Mr. Bob Collymore. Looking on is
AKI Chairman and AKI Executive Director.
Maryrose Kataki of Madison, the 1st
Runners Up, receives her gift.
Joseph Waithaka Maina of Britam, the
2nd Runners Up, receives his gift.
5
LIFE INSURANCE UPDATE
The AKI Young Agent of the Year
A special category – The AKI Young Agent of the Year was introduced with the aim of influencing the youth to join the industry.
The winners in this category were;
Pitty Nyokabi Maina of Britam, receives her gift from Mr. Ben
Kajwang, CEO, College of Insurance.
James Kogi Mwaura of CIC Life, receives his gift.
Group Life Best Practice Award
Mr. Jerim Otieno, CEO, UAP Life
receives the award for overall winner
from Florence Okwir of TSC.
Mr Aggrey Mulumbi, Principle Officer,
APA Life receives the award for 1st
Runners Up.
Mr. Tom Gitogo, CEO, Pan Africa Life
receives the award for 2nd Runners Up.
The number of qualifying sales agents per company was as follows:-
COMPANY
6
NUMBER OF QUALIFIERS
British American Insurance Company
CFC Life Assurance Limited
CIC Insurance Company Ltd
Corporate Insurance Company Ltd
ICEA Lion Life Assurance
Jubilee Insurance Company Ltd
Kenindia Assurance Company Ltd
Madison Insurance Company Ltd
Old Mutual Life Assurance Company Ltd
Pan African Life Assurance Ltd
Pioneer Assurance Company Ltd
UAP Life Assurance Company Ltd
217
46
10
13
41
60
13
38
20
56
16
11
TOTAL
541
LEGAL UPDATE
Proposed Draft Insurance Bill, 2014
The Insurance Draft Bill, 2014 is now
out and has been uploaded onto the
IRA website for comments
It will be recalled that the Cabinet
Secretary Treasury, Mr Henry Rotich
had proposed to overhaul the legislative
framework for the efficient delivery of
insurance services during his Budget
Speech in June, 2013.
The IRA was then requested at the
time to come up with a new draft law
by September, 2013 . Arising from this
directive, the Insurance Regulatory
Authority released the Insurance
Draft Bill, 2013 which was discussed
by industry stakeholders at a two (2)
day workshop held on 20th and 21st
November , 2014. Another meeting of
Chief Executive Officers was held on
18th December, 2013 at the College of
Insurance.
It was noted that the law was less
prescriptive and more principle based.
It is meant to introduce flexibilty to
accommodate changes in international
standards and best practice
and
accommodate the ongoing changes in the
insurance market. It creates a framework
for the supervision and regulation of the
insurance sector in Kenya in line with the
Insurance Core Principles and Practices.
The law omits technical details or matters
that will require to be changed arising
from the fact that it is extremely difficult
to change the principal Act.
The draft Act provides for regulations
which will be issued by the Insurance
Regulatory Authority in line with
International Best Practices. The
regulations will be technical and detailed
as they require to be specific and very
clear to avoid any ambiguity.
Under the new dispensation there will
also be guidelines issued from time
to time by the Authority which are not
intended to be compulsory but will give
guidance notes on various processes or
procedures to be followed by the Industry
in order to achieve compliance.
The Statutory and Legal Affairs
Committee and the Board will engage
the document to see whether proposals
made at the two workshops previously
have been incorporated. Members
are also requested to forward any
comments they may have on the Bill to
the Secretariat.
Finance Act, 2013
10% EXCISE DUTY LEVY ON FEES,
COMMISSIONS & CHARGES FOR
INSURANCE SERVICES
The Finance Act, 2013 received
Presidential Assent on 24th October,
2013. Under this law an amendment was
introduced to the Customs and Excise
Act, Cap 472 under which all financial
institutions would be required to levy
10% excise duty on all fees, charges and
commissions charged during the course
of their business. The effective date was
18th June, 2013.
The amendment had initially been
introduced in the year 2012 but did not at
the time define who financial institutions
were.
It was noted from the amendment to the
Customs and Excise Act that all persons
registered under the Insurance Act,
Cap 487 would be required to levy the
excise duty but it was not clear whether
premiums, reinsurance and brokerage
commissions were to be included.
Further, it was observed that there was
no enabling legal framework for insurers
to charge, collect and pay excise duty to
the Kenya Revenue Authority.
In the initial stages of the proposed
amendment, AKI immediately engaged
the services of Kaplan and Stratton
who moved to court and obtained an
injunction preventing KRA from making
any demands for the remittance of
excise duty from insurance companies.
In the meantime, AKI further retained
the services of PWC and there have
since been various concerted efforts to
lobby kenya Revenue Authority, IRA and
Treasury.
The Court Injunction has since been
extended upto 5th May, 2014, to give
the ongoing dialogue between the Kenya
Revenue Authority , Treasury , Insurance
Regulatory Authority , AKI and other
industry stakeholders i.e AKR, AIBK,
NAKI, ILA, MAAK , a chance to resolve
the matter amicably.
A meeting was held on 5th February,
2014 with the Commisioner for Domestic
Taxes Mr Pancreas Nyaga who pointed
out that the team will as a first step require
to urgently lobby Treasury to amend the
law as we also seek for an extension of
the implementation period.
The Secretariat in conjunction with PWC
are in the process of setting up a meeting
with the CEO, Insurance Regulatory
Authority as well as the Cabinet
Secretary Treasury in due course to
have the Customs and Excise Act, Cap
472 amended to exempt both premiums
and commissions and to also have only
insurance companies remit the excise
duty to the exclusion of all other players
in the industry in order to avoid double
taxation.
7
LEGAL UPDATE
Insurance Motor Vehicle Third Party
Risks (Amendment ) Act, 2013
The Insurance (Motor Vehicle Third Party
Risks (Amendment) Act, 2013 has been
passed effectively introducing structured
compensation for various injuries under
the Insurance Motor Vehicle Third Party
Risks Act, Cap 405.
It caps insurers liability at kshs 3 million,
seeks to peg compensation to earnings
and will allow for an initial process of
negotiations to settle a claim using either
arbitration /mediation within a period of
sixty days before resorting to court. It
aims to proactively tackle the issue of
fraud where persons who seek to benefit
from use of fraudulent , documents will
have the entire judgement cancelled
including facing criminal charges.
The law Society of Kenya however
moved to court on the 2nd of April, 2014
challenging the limit on liability as well as
the introduction of the structured scheme
terming them both unconstitutional.
AKI has however retained the services
of Professor Patrick Lumumba to defend
the position of members and he will
be assisted by M/s Njoroge Regeru
Advocates. This matter will hopefully set
the stage for a new legal jurisprudence in
insurance matters which have for a long
time being affected adversely by the vice
of ambulance chasing.
make it mandatory for an insurer to admit
liability and pay a claim within ninety (90)
days of the date of reporting a claim as
opposed to the previous scenario where
claimants were first required to submit
relevant documents to the Insurer.
The wording of the proposed amendment
suggests that insurers will be required
to pay claims without any supporting
documents. Currently some insured’s do
not come forward to report an accident to
the insurance company who is not aware
that there has been any accident at all
until a claim is registered with them by
claimants through their advocates”
In order to enable the insurance company
access all the relevant documents from
both the insured and the claimant to
facilitate settlement of claims within ninety
( 90) days from the date of reporting the
claim the Association agressively lobbied
the parliamentary Committee on Finance
Trade and Planning to request that the
current existing wording for Section 203
be retained.
Once the Act is published the Secretariat
will write and confirm the actual
amendments to the Insurance Act that
have been passed
The Insurance (Amendment) Act , 2013
8
The President signed the Insurance
(Amendment) Bill into law on the 21st of
March, 2014. Although Parliament had
passed the Bill , the president had earlier
declined to sign the Bill, into law and had
returned the same back to Parliament
along with a memorandum stating his
reasons for rejecting the Bill. The Bill
had earlier contained a contentious
amendment to Section 203 on the
settlement of claims which proposed to
Value Added Tax on Salvages
An opinion was sought from Ernst and
Young to establish whether VAT should
be levied on the sale of salvages. Ernst
and Young indicated in their opinion that
the sale of salvages attracts VAT on the
basis that the sale of salvages cannot be
defined or does not fall squarely into the
category of an insurance or reinsurance
services which are currently exempt from
VAT. The lack of any proper definition
under law on what is a salvage to have
further compounded the problem.
At that time Ernst and Young requested
for a demand note sent to any of our
members from KRA to enable them then
confine their interpretation of the law to
the specific section quoted. All efforts
to obtain this information from members
by the Secretariat at the time was not
forthcoming.
The detailed opinion was later then
circulated to members.
Reports have now been received from
members indicating that they have
received demand notices from Kenya
Revenue Authority.
In their letters to various companies
Kenya Revenue Authority indicates that
the sale of salvages is not an exempted
service nor zero rated service according
to the Second Schedule Part 1 and Fifth
Schedule Part B of the VAT Act, Cap 476
as well as the Fist Schedule Part 1 and
Second Schedule Part A of the VAT Act,
2013 and as such is vatable.
Despite this being the case, KRA has in
previous years not made any demands
for payment of VAT from insurers.
The matter was earlier discussed by the
Statutory and Legal Affairs Committee in
the year 2001.
The Committee noted at that time that
from the insurance point of view when an
insurance company sells a salvage this is
a claims minimization measure.
The sale if any, is carried out on behalf of
the insured and at no time does he ever
transfer that salvage into the name of the
insurance company. As such the insurer
is not the owner.
The Secretariat has written to KRA
seeking a meeting to go and discuss the
matter further.
PUBLIC RELATIONS UPDATE
1. AKI Journal and Bulletin
The AKI journal is published bi-annually
in June and December while the bulletin
is published quarterly.
The December 2013 journal was on
“Mega Projects in Kenya”. The journal
was distributed in February 2014. June
journal will focus on “Data and Insurance”.
2. Industry Report
The Insurance Industry Annual Report
was unveiled in August 2013. The
Secretariat team held the first meeting on
24th March 2014 to start the preparation
of 2013 report. A circular was sent to
member companies for their annual
financial reports.
3. Insurance Village.
The Association of Kenya Insurers held
the third exhibition at the ASK Show
Ground at the Nairobi International Trade
Fair dubbed “Insurance Village” from
30th September 2013 to 6th October
2013. Last year’s theme was “Enhancing
Technology in Agriculture and Industry
for Food Security and National Growth”
The Association once again invited
stakeholders to exhibit.
The Secretariat has booked a different
location for the exhibition and invited
members and stakeholders to exhibit.
This year the trade fair will start from 29th
September 2014 to 5th October 2014.
A number of exhibitors have confirmed
participation.
4. Corporate Social Responsibility
(CSR).
Medical Camp
AKI held a free medical camp at Tala
SA Primary School, Nguluni- Machakos
County, on Saturday 3rd August 2013.
This was the third camp organised by
AKI as part of our Corporate Social
Responsibility. In 2011 and 2012 the
camps were at Makuyu in Muranga and
Bisil in Kajiando respectively. AKI liaises
with Kenya Diabetes Management and
Information Centre (DMI) to provide
medical expertise during the camps.
The Secretariat has started preparing
this year’s camp. Member companies
have been invited to support the event.
The camp will take place in August 2014
at Ndeiya in Limuru.
5. Insurers Sports Day.
Last year’s Sports Day was held on
Saturday, 21th September 2013 at Nyayo
Stadium, Nairobi from 8.30 am. Thirty one
member companies participated. Teams participated in the following
activities:
•Athletics
• Ball Game (Soccer, Volleyball and
Netball
• Field Events (Long Jump, Tug of War
and Short Put)
• Swimming (Breast Stroke, Free style
and Relay)
• Indoor Games (Darts and Pool).
• Auxiliary Events (Pepeta, Hoola Hoop
etc)
The Secretariat has booked fields for
preliminaries at Railway Training Institute
and Nyayo Stadium for finals on 13th
September 2014. Member companies
have been requested to confirm
participation and twenty have responded
positively.
educate trustees of various retirement
benefits schemes about their role
as trustees and equip them with the
necessary knowledge of different aspects
of retirement benefits.
The books are available for sale at Kshs.
500/- for our members and Kshs. 1,000/for non-members.
7. Life Insurance Guide Books For
Public Awareness
The Secretariat has
following simple guide
effort to create more
understanding of life
pensions:-
developed the
booklets in an
awareness and
insurance and
• Guide to personal life Insurance
• Guide to personal pension plans
• Guide to group life Insurance
The language used is simple in form of
frequently asked questions. The contact
details of life companies offering these
lines of business are also indicated at
the back of the guide booklets to make
it easier for clients to contact the right
companies in case they need further
Information.
The Secretariat is currently distributing
the books to various SME’s, Law firms,
Doctors’ clinics, Laboratories, Private
schools, NGO’s, etc. The aim is to raise
interest in these segments which have
low uptake of life insurance.
We have received several requests from
member companies for copies of the
guide booklets for their use in marketing
activities. The booklets are available at a
cost of Kshs. 100 (exclusive of VAT) to
cover the printing cost.
6. Trustee Hand Book
The Secretariat developed a Trustee
Handbook. The main objective is to
9
FINANCE & ADMINISTRATION UPDATE
AKI ANNUAL GENERAL MEETING
2. Life Insurance Council (LIC)
• Customs Bonds
AKI held its 27th Annual General
Meeting on 27th March 2014 at AKI
Centre, Mimosa Road, Muchai Drive,
off Ngong Road. During the Annual
General Meeting, elections for the vacant
positions of the Chairman and seven
members of the Board were held. Of the
seven members, five will serve in the
General Insurance Council and two will
serve in the Life Insurance Council.
Mr. Jerim Otieno – CEO, UAP Life
Assurance Ltd
• Motor Insurance
Mr. Moses Kimani – CEO, Pioneer
Assurance Company Ltd
10
• Oil and Energy Risks
• Review of Mortality Tables
In his address, the outgoing AKI
Chairman, Mr. Mark Obuya, outlined
some of the initiatives undertaken and
issues addressed by the Association as
follows:-
Chairman
Mr. Justus Mutiga – CEO, ICEA LION
Life Assurance Ltd
• Draft Insurance Bill, 2013
Members of the Board
• Insurance Motor Vehicle Third Party
Risks (Amendment) Act, 2013
1. General Insurance Council (GIC)
• The VAT Act, 2013
Mr. Patrick Tumbo – CEO, Jubilee
Insurance Company Ltd
• The Insurance (Amendment) Bill,
2013
Mr. Asok Ghosh – CEO, Occidental
Insurance Company Ltd
• Implementation of Uninsured Marine
Research Findings
• Finance Act, 2013
• Consumer Education in Insurance
Mr. Vinod Bharatan – CEO, Kenindia
Assurance Company Ltd
• Formation of East Africa Insurers
Association
Mr. Steven Oluoch – CEO, ICEA LION
General Insurance Ltd
• Integrated Motor Insurance Data
System (IMIDS)
Ms. Caroline Munene – CEO, AAR
Insurance Company Ltd
• Political, Sabotage & Terrorism Risks
Pool
• National Social Security Fund (NSSF)
Bill, 2013
In his acceptance speech, the new AKI
Chairman, Mr. Justus Mutiga, outlined
his vision for the Association as that of
strengthening AKI to ensure that it plays
a greater role in assisting members
grow their businesses and establishing
strong partnership with stakeholders and
the regulator in order to achieve faster
development of the insurance industry.
We thank the outgoing Chairman, Mr.
Mark Obuya, and the previous Board for
successfully steering the Association to
greater heights for the past two years. In
the same breath, we welcome the new
Chairman, Mr. Justus Mutiga, and the
incoming Board and wish them well.
FINANCE & ADMINISTRATION UPDATE
AKI CALENDAR OF ACTIVITIES FOR YEAR 2014
Event
DATE
Public Education Campaign on Life Insurance
January 2014
Public Education Campaigns on General Insurance
January 2014
Mortality Review Project
Jan - April 2014
Development of Motor Insurance Data System (MIDS )
January - June 2014
Medical Dissemination Workshop
February 2014
Public Education Campaign For Learning Institutions
February 2014
Property & Engineering Seminar (CAR,EAR,DOS)
March 2014
Ethics, Self Regulation & Governance Seminar For Claims Managers
March 2014
AAYA 2013 Event
7th March 2014
AAYA - Agents Forum
7th March 2014
AAYA - Ceo’s Forum
7th March 2014
Oil And Energy Risks Workshop
March 2014
Easter Road Safety Campaign
April 2014
LIMRA Training
April 2014
Media Training
April 2014
Development Of The Group Life Listed Risks Registry
April - September 2014
Group Life Skills Upgrade Workshop
May 2014
Bonds Underwriting Seminar For Mombasa Managers
May 2014
Ethics, Self Regulation & Governance Seminar For Claims Managers
May 2014
Medical Seminar
May 2014
Product/Marketing Managers Workshop
May 2014
Individual Life Skills Upgrade
June 2014
AKI Post Budget Review Seminar
June 2014
Small Vessels Owners Meetings/Workshop
June 2014
Pensions Skills Upgrade Workshop
July 2014
Marine Technical Seminar
July 2014
Marine Insurance Workshop
July 2014
11
FINANCE & ADMIN. UPDATE
AKI CALENDAR OF ACTIVITIES FOR YEAR 2014
Public Education Campaigns On Agriculture Insurance
July 2014
Microinsurance Workshop
July 2014
Small Vessels Workshop (Mombasa)
July 2014
Insurance Industry Annual Report/Market Statistics 2013
31st July 2014
Insurers Sports Day - Preliminaries
July - August 2014
Medical Camp
June - July 2014
Public Education Campaign On Life Insurance
August 2014
Group Life Industry Seminar
August 2014
Marine Cargo Surveillance Seminar
August 2014
Customs Bonds Stakeholders
August 2014
Property & Engineering Technical Seminar
September 2014
Accident Seminar
September 2014
Insurers Sports Day
September 2014
Nairobi International Trade Fair (Insurance Village)
September - October 2014
Individual Life Industry Seminar
September 2014
Pension Industry Seminar
October 2014
Partnerships Such as SME Trade Fair, Home Owners etc (Participation
In SME Exhibitions)
12
October 2014
Accident Technical Seminar
October 2014
Marine Cargo Surveillance Seminar
November 2014
Road Safety Awards
November 2014
Life Managers Workshop
November 2014
Christmas Road Safety Campaign
December 2014
ASSOCIATION OF KENYA INSURERS
AKI Centre,Mimosa Road, Mucai Drive, off Ngong Road • P.O Box 45338-00100, Nairobi • Tel: 254 20 2731330/1/2/3,
254 20 2599718 • Mobile: 0722 204149 ,0733 610325 • Fax: 254 20 2731339 • Website: www.akinsure.com