Insurance (Amendment) Act, 2023
An amendment expanding criminal liability for regulatory offences to partnerships, limited liability partnerships (LLPs), and unincorporated associations.
Insurance_(Amendment)_Act_2023.pdf
2026-04-28
The Insurance (Amendment) Act, 2023 expands the scope of criminal liability under the insurance-act-2010. Previously, liability for offences committed by a corporate entity was primarily focused on directors and officers. This amendment formally extends accountability to:
- Partnerships (including exempted limited partnerships).
- Limited Liability Partnerships (LLPs).
- Unincorporated Associations.
Personal Accountability
Under the amended Section 39, if an offence is committed by one of these entities, personal liability extends to the partners or persons concerned in the management or control of the association, provided the offence:
- Was committed with their consent or connivance; or
- Is attributable to any neglect on their part.
These individuals are liable to be proceeded against and punished accordingly alongside the entity itself (source: raw/Insurance_(Amendment)_Act_2023.pdf).