What Kenya charges on a premium, and what it lets you pay

Levies And Commission Ceilings

Six statutory charges, each with its base, who bears it and its legal reference: the Insurance Premium Levy, the Insurance Training Levy, the Policyholders Compensation Fund contribution from the insurer and from the policyholder, and stamp duty on life and on general policies. Seventeen commission ceilings per class come from the Eleventh Schedule to the Insurance Regulations, ordinary life as a ladder by policy year, and the marine-aviation and ordinary-life ceilings hold across the whole chain however many intermediaries share the commission. Applying the pack switches the levies on, and Insurance Agency Management then refuses a commission agreement above the ceiling for its class.

Seventeen commission ceilings

From 10% on motor to 25% on fire and special perils, 17.5% on marine cargo, and ordinary life at 50%, 20% and then 5% by policy year — each cited to the Regulations or to s.73 of the Act.

Six statutory charges

Premium levy 1%, training levy 0.2%, the compensation fund 0.25% from each side, stamp duty 0.075% of the sum insured on life and KSh 40 on general policies.