President William Ruto on Thursday assented to two bills; The Insurance amendment bill, 2023 and Supplementary Bill, 2023
The Insurance amendment bill, sponsored by Kikuyu MP who doubles up as the majority leader Kimani Ichung’wah was passed by parliament on October 25.
It seeks to enhance accountability within insurance companies and observance of fiduciary duties as well as professional responsibilities by senior managers.
The Insurance Act (Cap.487) has been amended to provide for offences and penalties relating to the management of insurance companies.
The Supplementary Appropriation (No.3) Bill, (National Assembly Bill No. 71 of 2023) was considered and passed on November 21, 2023 with amendments.
This was pursuant to the provisions of Article 223 of the Constitution, section 44 of the Public Finance Management Act, 2012 and Standing Order 127(2) of the National Assembly Standing Orders.
The bill was passed in accordance with the resolutions of the House as contained in the adopted Report of the Budget and Appropriations Committee on the Supplementary EstimatesI for Financial Year 2023-2024, as well as amendments made on the floor of the House.
