This archive report was first published on 13 December 2019.
On Friday, President Uhuru Kenyatta signed into law the amended competition and insurance bills at State House in Nairobi, marking a significant milestone in the country's regulatory framework.
Published on December 13, 2019, the amended bills aim to strengthen the regulatory framework of the insurance industry, particularly in areas of premium collections and payment of claims.
The Competition (Amendment) Bill, 2019, now an Act of Parliament, separates the legal provisions on abuse of buyer power from those on abuse of dominant power, empowering the Competition Authority of Kenya to review contracts and agreements between suppliers and buyers.
The Insurance (Amendment) Act, 2019, introduces provisions for the protection of policyholders where an insurer is in distress and the assets are put in statutory management, as well as requirements for insurance companies to regularly submit premium levy returns and claims payment returns to the Insurance Regulatory Authority (IRA).
Attorney-General Paul Kihara, acting Treasury CS Ukur Yattani, National Assembly majority leader Aden Duale, Head of Public Service Joseph Kinyua, and National Assembly Deputy Clerk Jeremiah Ndumbi witnessed the signing of the laws.
