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"content": "Mr. Speaker, Sir, in the year 2006, third party insurance claims were capped at Kshs3 million per person per claim with the aim of ensuring stability in the insurance sector. However, there still exist disparities in the manner in which an injury or death is settled, thus rendering the capping of no meaningful effect. In order to address this problem, I propose to amend the Insurance (Motor Vehicle Third Party Risks) Act to introduce a structured compensation scheme similar to the one under the Work Injuries Benefits Act. The Insurance Act limits insurance agency, business to Kenyan citizens or a partnership or company wholly owned by Kenyans. Given the move to have one East African region with one people, I propose to amend the Insurance Act to expand the ownership of insurance agency business to East African Community citizens. This will allow citizens from other EAC partner states to act as insurance agents in Kenya and we hope the same will be reciprocated."
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