One third of the paid-up capital of an insurer should be owned by citizens of the East African Community Partner States.
"PART III – LICENSING OF INSURERS [...]
22. Prohibition of licensing of certain persons
Subject to section 23, a person may be licensed as an insurer under this Act only if—
(a) the person is a body corporate licensed under the Companies Act (Cap. 486); and
(b) at least one third of the controlling interest in the body (whether in terms of shares, paid up share capital or voting rights) is wholly under the control of—
(i)	citizens of a Partner State of the East African Community;
(ii)	a partnership whose partners are all citizens of a Partner State of the East African Community; or
(iii)	a body corporate whose shares are wholly owned by citizens of a Partner State of the East African Community or the Government, or a combination of them.
[...]
27. One-third of boards to be citizens of Kenya
A person being a body corporate incorporated in Kenya with or without a share capital shall not be licensed and if licensed shall have his license cancelled, if at least one third of the members of his board of directors or managing board are not citizens of Kenya.
[...]
PART XV – INTERMEDIARIES, RISK MANAGERS, MOTOR ASSESSORS, INSURANCE INVESTIGATOR, LOSS ADJUSTERS, INSURANCE SURVEYORS MEDICAL, INSURANCE PROVIDER AND CLAIMS SETTLING AGENTS
150. Only licensed brokers, agents, risk managers, motor assessors, insurance investigator, loss adjusters, insurance surveyor, medical insurance provider and claims setting agents to carry on business
(1) No person shall, after the expiry of three months from the appointed date, commence, transact or carry on in Kenya the business of a broker, agent, risk manager, motor assessor, insurance investigator, loss adjuster, insurance surveyor, medical insurance provider, or claims settling agent unless he is licensed under this Act.
[...]
153. Licensing and re-licensing [...]
(2) A broker shall be licensed under this Act only if registered as a company under the Companies Act (Cap. 486) and if the company has a paid up capital of not less than one million shillings of which not less than sixty percent is owned —
(a) by Kenya citizens;
(b) by a partnership whose partners are all citizens of Kenya; or
(c) by a corporate body whose shares are wholly owned by citizens of Kenya or which is wholly owned by the Government.
This subsection is subject to subsection (3) and has effect despite any other provision of this Act to the contrary.
(3) A broker already carrying on business as an insurance broker on the appointed date without complying with the provisions of subsection (2) relating to paid up capital may be licensed as a broker, but at the time of each subsequent renewal of the registration until he complies fully with the requirement his registration shall not be renewed unless he has acquired after the immediately preceding licensing or renewal of a license, as the case may be, paid up capital or additional paid up capital equal to not less than one-third of the deficiency which existed on the appointed date.
(4) Subject to subsection (3), a broker already carrying on business as an insurance broker on the appointed date without complying with the minimum shareholding by Kenya citizens as required under subsection (2) shall comply with that requirement before the expiry of three years from the appointed date. [...]" (Insurance Act No. 1 of 1985, as amended)
Insurance Act No. 1 of 1985, as amended
[<a href="http://www.kenyalaw.org:8181/exist/kenyalex/actview.xql?actid=CAP.%20487">Act</a>]