Section 73, The Insurance Act, 2016

(1) No person shall act as or carry on as insurance agentor chief agent or assessor six months after the commencement of this Act unless he obtains a licence in the prescribed form authorising him to act as such or to carry on such business. 46 47 Right of hearing of Commissioner Control over liquidators Reinsurance brokerage Licence. Insurance agents and assessors to be licenced. (2) The licences that may be issued under the provisions of this section in respect of agents shall be the following– (a) insurance agent in respect of life insurance (b) insurance agent in respect of general (c) chief agent in respect of life insurance (d) chief agent in respect of general insurance (3) An applicant for the licence of an insurance agent in respect of life insurance business and chief agent in respect of life insurance business shall be an individual. (4) An assessor shall be an individual or a company. (5) An applicant for a licence under this section shall apply to the Commission in the form prescribed for the particular licence he desires to hold, and forward with the application such documents as may be prescribed for that licence. (6) If the Commission is of the opinion that applicants for a particular class of licence should possess educational, technical professional qualifications it may by notification in the Gazette specify the qualifications and the date with effect from which applicants for new licences of that class should possess those qualifications. (7) The licence granted under this section shall be for a period of one year and shall be renewed every year on an application made in the prescribed form and in the prescribed manner to the Commission: Provided that no application for renewal shall be entertained one year after the expiry of the licence. (8) The Commission shall prescribe the fee for the grant or renewal of a licence. (9) The Commission on being satisfied that the applicant for a licence has complied with the requirements of the law may direct the Commissioner to grant the licence. (10) The Commission may refuse the application for a licence for a reason to be recorded in writing. (11) If any person acts as an agent, chief agent or assessor without holding a valid licence he shall be guilty of an offence and shall, on summary conviction be liable to a fine not exceeding Ten million leones or to a term of imprisonment not exceeding twelve months or to both such fine and inprisonment.