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Kenya: Insurance firms fined by Antitrust regulator

By  |  April 16, 2015

The Competition Authority of Kenya on Wednesday said it had fined the Association of Kenya Reinsurers Sh721,000 for setting minimum rates to insurance companies tendering to offer group life cover to National Intelligence Service employees.

Insurers are now calling for discussions between CAK and the Insurance Regulatory Authority which sets the industry’s minimum charges, on the long-standing practice that the competition agency has labelled as being anti-competitive.

“The two State bodies need to discuss this matter, paying keen attention to what effect removal of the minimum premiums would have on both the insured and the insurers,” said Tom Gichuhi, the executive director for the Association of Kenya Insurers

 

Full Content: Business Daily Africa

 

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