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{
    "id": 1004883,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1004883/?format=api",
    "text_counter": 295,
    "type": "other",
    "speaker_name": "",
    "speaker_title": "",
    "speaker": null,
    "content": "The next amendment is on sub-section 6 on the fines that, any officer or director of an intermediary who contravenes subsection (3) shall be guilty of an offence, and upon conviction shall be liable to a fine not exceeding one million shillings or to imprisonment for a term of one year or both. The initial amendment by the Chair was reading Kshs100,000. Those are two differences. One is enhancing the fine to ensure that intermediaries do not hold money owed to insured people. This is because a lot of them are holding money and the underwriters are carrying the risk. If we were to pass it as proposed by the Chair without protecting the underwriters then, upon passage because of sub-section (3) the brokers will say they are refunding this money to the insured persons. Therefore, underwriters who have already taken a risk and some even paid claims out of this money will lose."
}