Importers to buy local marine insurance cover in Kenya
Kenyan marine shippers are required to have local insurance cover as the new insurance law has taken effect from January 01 2017. The new government directive is aimed at tapping into the multi-billion sector in favor of local insurers.
Kenya Revenue Authority will now demand importers to present their insurance contract with a local firm before clearing goods.
This is in line with the Treasury Cabinet Secretary Henry Rotich’s 2016/17 June 8 budget speech directive that the Kenya Revenue Authority liaise with other stakeholders to implement section 20 of the Insurance Act.
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