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{
    "id": 1004895,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1004895/?format=api",
    "text_counter": 307,
    "type": "speech",
    "speaker_name": "Kikuyu, JP",
    "speaker_title": "Hon. Kimani Ichung’wah",
    "speaker": {
        "id": 1835,
        "legal_name": "Anthony Kimani Ichung'Wah",
        "slug": "anthony-kimani-ichungwah"
    },
    "content": "to refund the premium and pay a penalty equivalent to 20 per cent of the non-remitted premiums to the client. If you pay for your insurance and your broker does not remit that money to the underwriter, then as an insured person, you are entitled to a refund of your money plus 20 per cent because you are not in the business of donating money to brokers. Sub-section 5, which is now what I have introduced, goes further to protect even the insurance companies. Without prejudice to Sub-section 4, any premiums that have been received by an intermediary, for instance up to today you have paid your broker who has not remitted that money to your underwriter, your underwriter has already covered you. What happens today is that you walk into a brokerage, you get a certificate to cover your car and you are therefore effectively covered, but your underwriter has not received the money. So, we are saying that irrespective of that, if the money had not been remitted to the underwriter before the commencement of this section, when it is assented to, it shall be paid to the insurer within 180 days from the date of commencement of this Act."
}