This archive report was first published on 13 December 2019.
On Friday, December 13, 2019, President Uhuru Kenyatta signed into law the amended competition and insurance bills at State House in Nairobi.
The Competition (Amendment) Bill, 2019, now an Act of Parliament, was submitted to the National Assembly during the reading of the 2019/20 budget.
The law 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.
Additionally, the law requires sectors with potential for abuse of buyer power to develop a binding code of practice.
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.
The law also empowers the Insurance Regulatory Authority (IRA) to prescribe the manner of submission of various kinds of returns and provides for a penalty for late submission, payable into the Policyholders' Compensation Fund.
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.
