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MPs back Sh100,000 fine for insurance professionals with fake papers
The National Assembly Finance Committee says the higher fine in the Insurance Professionals Bill, 2024 will deter professionals from falsifying information for market approval.
A Parliamentary committee has backed the Insurance Regulatory Authority’s (IRA) push to double the proposed fine on insurance professionals who falsify information to acquire practising certificates to Sh100,000.
The National Assembly Committee on Finance and National Planning in its report on the Insurance Professionals Bill, 2024 says the higher fine will deter insurance professionals who are keen to falsify information to get approval to operate in the Kenyan market.
