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{
    "id": 1159527,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1159527/?format=api",
    "text_counter": 214,
    "type": "speech",
    "speaker_name": "Ugunja, ODM",
    "speaker_title": "Hon. Opiyo Wandayi",
    "speaker": {
        "id": 2960,
        "legal_name": "James Opiyo Wandayi",
        "slug": "james-opiyo-wandayi"
    },
    "content": "I have gone through the Memorandum of Objects and Reasons of this Bill because I have not had time to read the entire Bill and, of course, I have been able to understand from the title of the Bill what it is all about. I believe that a nexus has been created between this Bill and the parent law or the foundational law—the Insurance Act that governs insurance in this country. I am aware that the Insurance Act establishes the Insurance Regulatory Authority (IRA) whose functions are quite similar to the functions being provided here as being under the Insurance Institute of Kenya and the board. So, I hope that there has been attempt to reconcile all these so that there is no conflict in the functions between these new bodies and IRA which is under the Insurance Act. All the same, it is important that a growing economy such as ours is supported by a robust insurance sector that is well-regulated. I suppose this is part of the reasons this Bill has been initiated. It has very pragmatic proposals to try and regulate the sector, including setting exams for the professionals in the sector. That is for them to be able to provide these services in an environment which is regulated. You know insurance is as old as we can imagine. In fact, we are told that the first insurance was marine insurance. It is the Greeks and the Romans who first practised insurance. They were at that time dealing basically with insurance of marine vessels. Over time insurance has evolved to what it is currently. As economies grow, and we believe the economy of this country is going to grow exponentially, especially once the next Government takes over under Azimio la Umoja in August, such growth must be supported by a robust insurance sector. Hon. Washiali must have had good foresight, that we need to have a sector which is regulated, robust, dynamic and can support the growth of our economy under the new administration that we pray will come in smoothly in August. I can see my friend Hon. Sankok is The electronic version of the Official Hansard Report is for information purposesonly. A certified version of this Report can be obtained from the Hansard Editor."
}