Kenya’s new Bribery Act set to make major changes

Kenya’s new Bribery Act set to make major changes

Kenya’s new Bribery Act set to make major changes

Risk managers in Kenya – or anyone with business interests in the east African state – need to be aware of a new Bribery Act, set to come into force. Speaking at KPMG’s two-day ‘It is Time for Change’ conference in Mombasa, Simon Dwyer, head of KPMG’s forensic advisory department in east Africa, warned: “The new Bribery Act impacts on…

Investors close to easier arbitration as South Africa falls into line with more than 70 other countries

Investors close to easier arbitration as South Africa falls into line with more than 70 other countries

Investors close to easier arbitration as South Africa falls into line with more than 70 other countries

The South African government is expected to enact the International Arbitration Bill in the coming weeks, after agreeing a Bill late last year. Kwadwo Sarkodie, partner in the construction and engineering practice of the London office of Mayer Brown, said the Bill would make it much easier for investors doing business in the country, if they come into dispute. He…

Kenya’s motor insurance faces uncertain future

Kenya’s motor insurance faces uncertain future

Kenya’s motor insurance faces uncertain future

Kenya’s insurance companies that rely on motor insurance for the bulk of their revenue face an uncertain future, following a court action by a state agency to have the minimum capping of the price of the covers removed, claiming that it disadvantages consumers. But the Insurance Regulatory Authority (IRA) has warned that if the minimum price cap is removed, several…

South Africa’s Twin Peaks regulation under scrutiny

South Africa’s Twin Peaks regulation under scrutiny

South Africa’s Twin Peaks regulation under scrutiny

  Commercial Risk Africa attended a consumer-focused discussion on the impact of South Africa’s ‘Twin Peaks’ model of financial regulation on banks, insurers, pension funds and other financial services providers and their customers. The discussion – held under the ‘Sowetan Dialogues’ banner – was facilitated by Tim Modise, who quizzed senior representatives from government, the regulator and the banks on…

Driving the insurance sector upwards through increased awareness and improved customer service is key to success

Driving the insurance sector upwards through increased awareness and improved customer service is key to success

Driving the insurance sector upwards through increased awareness and improved customer service is key to success

Miriam Magala, CEO of the Uganda Insurers Association, talks about the challenges and opportunities facing the Uganda insurance market What are the five issues that will drive growth of the insurance industry in Uganda? Continued consumer education and awareness will remain at the core of what we do in order to spur growth. We believe that the more people understand…

PwC survey: Insurance CEOs optimistic over growth but concerned by regulation

PwC survey: Insurance CEOs optimistic over growth but concerned by regulation

PwC survey: Insurance CEOs optimistic over growth but concerned by regulation

Insurance CEOs are optimistic about their own companies’ prospects, although the cost and disruption of regulation continues to be industry leaders’ paramount concern, according to PwC’s 20th CEO Survey. The survey found that insurance CEOs’ optimism about their growth prospects remains strong, despite soft premium rates, low interest rates and subdued economic growth in many developed markets, although they are…

Data protection a real challenge across Africa

Data protection a real challenge across Africa

Data protection a real challenge across Africa

The European data protection framework is currently undergoing deep mutations, warns one French lawyer. Merav Griguer, a partner in the French office of law firm Bird & Bird, said Europe’s new General Data Protection Regulation (GDPR), passed on 27 April 2016, will be enforceable from May 2018. It will bring important changes to the applicable rules and will enhance the…

African states amend private public partnership rules

African states amend private public partnership rules

African states amend private public partnership rules

A number of African states, including Benin, Mali and Tunisia, have amended their public-private partnership (PPP) rules, according to lawyers at Bird & Bird. In Benin, the firm said: “The National Assembly has adopted a law on the legal framework for public-private partnerships in Benin. In addition to the classic distinctions provided for in the UEMOA directives (notably public service…

Court rejects Nigerian claims against Shell

Court rejects Nigerian claims against Shell

Court rejects Nigerian claims against Shell

Lawyers for more than 40,000 Nigerians will appeal an English High Court judgment handed down, which ruled that two polluted communities in the Niger Delta cannot seek redress against the oil giant Shell in the English courts, according to lawyers at Leigh Day. The judge concluded that Royal Dutch Shell (the parent company) has no legal responsibility for the systematic…

SSA remains near bottom of the global corruption index

SSA remains near bottom of the global corruption index

SSA remains near bottom of the global corruption index

  Botswana remains the least corrupt country in Sub Saharan Africa, according to Transparency International’s Corruption Perceptions Index 2016, in a year when more than two thirds of the 176 countries and territories in this year’s index fall below the midpoint of the scale of 0 (highly corrupt) to 100 (very clean). However, even Botswana – which sits at 35th…

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