×
× Digital News Videos Opinion Special Reports Lifestyle Central Coast Eastern Nairobi North Eastern Nyanza Rift Valley Western Business News Stocks Financial Standard Africa Asia America Europe Weird News Editorial Commentary Letters Crazy World Features Entertainment Money & Careers Health & Science Sci & Tech Home & Away Generation Next Cartoon Education Pointblank Environment Travel & Destination Columns Kipkoech Tanui uReport Kiambu Murang'a Nyandarua Kirinyaga Nyeri Baringo Bomet Elgeyo Kajiado Kericho Laikipia Nakuru Nandi Narok Samburu Trans Nzoia Turkana Mombasa Kwale Kilifi Tanariver Taita Taveta Kakamega Vihiga Bungoma Busia Siaya Kisumu Homabay Migori Kisii Nyamira Nairobi Uasin Gishu West Pokot Sunday Magazine The Hague Trial Kenya @ 50 Education and Training Health and Environment Insurance and Financial Security Housing Current Affairs Humour Makau Mutua David Oginde Clay Muganda Comand Your Morning Mohamed Wehliye Wednesday Life Alexander Chagema Arts & Culture Kamotho Waiganjo Barrack Muluka Xn Iraki Urban Rights - By Steve Ouma Branding Voice KCB Fredrick Ogola Sunday Magazine Wanja Kavengi Njoki Kaigai David Oginde Ken Opalo Daisy Maritim Houghton Irungu Hustle News Group Stages Round of 16 Quarter Finals Semi Finals Finals Third Place play-offs Opinion Dr Pesa Podcasts Round Table Sepetuko Eve Woman Ramadhan Special Fact Check Correction Explainers The Standard Insider Blog E-Paper Lifestyle & Entertainment Nairobian Entertainment Eve Woman Travelog TV Stations KTN Home KTN News BTV KTN Farmers TV Radio Stations Radio Maisha Spice FM Vybez Radio Enterprise VAS E-Learning Digger Classified The Standard Group Corporate Contact Us Rate Card Vacancies DCX O.M Portal Corporate Email RMS
×

Insurers’ merger stopped

By Dominic Omondi | January 24th 2020 at 12:00:00 GMT +0300

Mauritius Union Assurance (MUA) company might have to wait to gain entry to the Kenyan market.

This is after Insurance Regulatory Authority (IRA) declined to sanction the full acquisition of Saham Insurance Kenya, saying the Mauritian firm might have been guilty of regulatory impropriety.

In a public notice, IRA noted that while Saham - which is owned by South Africa’s Sanlam - informally communicated to it about the agreement to merge the two entities, it never formalised the communication.

The regulator now wants the insurer to withdraw the communication.

“This announcement may have been misleading to the public since there was no indication that it was subject to various regulatory approvals, as required under the Insurance Act.

IRA said it only learnt in a public statement on January 13 that MUA Insurance Kenya was to acquire all the shares of Saham Assurance Kenya from Sanlaam Kenya.

The regulator directed Sanlam Insurance Group to reorganise its businesses after the acquisition to ensure that it does not have multiple licences for the same business.

As a result, Sanlam has decided to dispose of Saham Assurance Kenya instead of merging the businesses.

MUA already has branches in Seychelles, Kenya, Tanzania, Uganda, and Rwanda.

The acquisition had been approved by the competition watchdog.


Mauritius Union Assurance IRA South Africa
Share this story

Read More

Feedback