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{
    "id": 1159436,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1159436/?format=api",
    "text_counter": 123,
    "type": "speech",
    "speaker_name": "Mumias East, JP",
    "speaker_title": "Hon. Benjamin Washiali",
    "speaker": {
        "id": 151,
        "legal_name": "Benjamin Jomo Washiali",
        "slug": "benjamin-washiali"
    },
    "content": "Clause 13 of the Bill further provides for the establishment of a registration committee, which shall be a committee of the insurance sector that will be responsible for developing a mechanism for registration of insurance professionals, provisions relating to the establishment and management of insurance professionals, examination board, the requirement for issuance of practicing certificates, as well as the procedure for handling disciplinary matters for any misconduct by insurance professionals. I take note that the Insurance Training and Education Trust that is established under the Perpetual Trustees Act Cap 64 undertook to establish the College of Insurance to provide training and professional development of insurance professionals as well as for certification. This has been the norm for the past. However, cognisant of the emerging challenges in administration and keeping pace with international practices, the sector has lagged behind due to lack of proper anchorage in law to ensure standards of service delivery. The enactment of this Bill will provide the regulatory and policy framework in the insurance sector. It will also underpin the low penetration of insurance in the Kenyan market relative to other more developed markets with quality training and discipline in the sector. There will be increased confidence on the part of the public towards the insurance service providers. A knowledgeable team of professionals coupled with the improved standards will be paramount in eliminating the perceived credibility crisis in the industry in the eyes of the public, particularly with regards to settlement of claims. It is important to note that provisions in the Bill will form the basis of enhanced insurance penetration in the country, and will fortify legislative changes in the industry that include professional discipline, guidelines for insurance investment policy, and institutionalise cross- border best practices."
}