Consolidation of the insurance sector's regulations

John Michuki, Minister of finance, is calling for the consolidation of the insurance sector's regulations. Several insurance companies are suffering from mismanagement and poor control which led some to file for bankruptcy. Deeming the sector buoyant and profitable, the Minister of finance has expressed his willingness to reduce fraudulent acts. One of the measures adopted consists in separating between ownership and management: shareholders detaining over 10% in stakes shall no longer be able to hold a management position.