HTTP 200 OK
Allow: GET, PUT, PATCH, DELETE, HEAD, OPTIONS
Content-Type: application/json
Vary: Accept
{
"id": 1159451,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1159451/?format=api",
"text_counter": 138,
"type": "speech",
"speaker_name": "Endebess, JP",
"speaker_title": "Hon. (Dr.) Robert Pukose",
"speaker": {
"id": 1458,
"legal_name": "Robert Pukose",
"slug": "robert-pukose"
},
"content": " JP): Thank you, Hon. Temporary Deputy Speaker. I second this very important Bill by the Member for Mumias East, Hon. Washiali. This is a very important Bill. The insurance sector has for a long time been seen as a nuisance. It has been seen as unregulated and not responsive to the needs of Kenyans. When you talk of penetration or absorption of about 3 per cent and compare with the Republic of South Africa which has about 17 per cent, it tells you that there is something very wrong. For a long time, insurance companies have even in this country been started and you hear that they have collapsed after a short time. They collapse with people’s money. With time, people are kind of sceptical about taking insurance. That is why Hon. Washiali said people do not look at insurance as a necessity. They do not look at it as something that you must have. They look at it as something you can take and easily dispose. By this Bill coming in to regulate the practice, registration and training of insurance practitioners, it is timely and very important. We can borrow a leaf from the various countries. You have heard of the Chartered Insurance Institute of the UK, the Insurance Institute of Canada and the Insurance Institute of India. This is not something new. It is practised worldwide, especially in the Commonwealth. When my neighbour and friend, Hon. Ferdinand Wanyonyi, said today that he is an Economist, I had not known he is an Economist, but I have learnt that today. I always thought he is a historian or an insurance guy. We want people to feel proud of insurance. We should have professionals in the insurance sector and encourage our young people to take courses in insurance. Once this Bill is passed, we will have an examinations body and a way for persons to be recognised by the board. The Bill is establishing the Insurance Institute of Kenya. That means it will give recognition to various training institutions like TTIs, so that they can train insurance persons. Therefore, we will have a regulated profession and one that is responsive to the needs of Kenyans. With that kind of education, people will start thinking of taking insurance. More often, when you walk around, you meet somebody telling you: “I am from the insurance company and I want to give you a policy.” It may be a life policy, a health policy, an education policy or all those kinds of policies. More often, you find that you do not have time to listen. This will be better once we professionalise it and have a body that regulates these individuals. What we have seen in the past is that somebody finishes school and the next day he is selling insurance policies without necessarily going through a formal training and without having a regulatory body. To me, this Bill by Hon. Washiali needs all our support. In areas where we have memoranda from practitioners, we should listen to them. I urge the Departmental Committee on Finance and National Planning, led by Hon. Wanga, to be sensitive to matters, especially on the issue that has been raised by Hon. Washiali, so that we can take cognisance of practitioners’ sentiments. When you talk of public participation, it means they are the ones who are practising. They understand and would want the board to offer examinations, training and recognitions in such a way that it protects the institute and the practice to give Kenyans confidence. Then we can have absorption or penetration of insurance, whichever insurance it is, at more than 3 per cent. At 3 per cent, we are doing very badly. With those few remarks, I second."
}