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{
    "id": 1159533,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1159533/?format=api",
    "text_counter": 220,
    "type": "speech",
    "speaker_name": "Kuria East, JP",
    "speaker_title": "Hon. Marwa Kitayama",
    "speaker": {
        "id": 13394,
        "legal_name": "Marwa Kemero Maisori Kitayama",
        "slug": "marwa-kemero-maisori-kitayama"
    },
    "content": " Thank you, Hon. Temporary Deputy Speaker. Let me take this opportunity to congratulate my friend, Benjamin Washiali, for this very timely Bill. The insurance industry employs very many people. Many young people who are in the universities and other colleges engage in this industry when they get an opportunity, even in their spare time. It has given many people an opportunity even to know what they want to be in future. As a matter of principle, even if it did not do anything else, just the fact of having predictability in a sector that is serving a lot of people and churning a lot of money is a good thing. The industry in itself, as a percentage of the GDP, controls a lot of money. It is important that kind of investment that Kenyans have put in is regulated. In the process of it being regulated, the industry is becoming even better. Regulation is sometimes for the growth of the industry itself; regulation is not necessarily a bad thing. Just regulating it will in itself make the industry much better. All of us have experiences with the industry, either ourselves or people that are known to us. There are times you can be taken round in circles because of insurance matters and you do not have any one to address them, especially if they are done by banks. Banks may finance you; and the same banks have decided to run insurance business. You may find yourself in a scenario where you are unable to manage this facility that has been given to you and it is run by the same people who gave you money to get the insurance. Before you know it, you may fall short of insurance and premiums. They will run you out of town, if you are not careful. That has happened to so many people. Aside from that, the industry has evolved into everything else. There is the asset insurance, the health insurance and all sorts of insurance, including professional indemnity. Since the industry is touching on each and every sector of life; that is the more reason why it should be regulated. As other speakers have spoken, the Bill is not proposing regulation so that the industry is killed, it is proposing regulation because it is clear that the industry is a major contributor to the economy of this country. If it is made better, the country will be much better. If this was to happen – my friend, Hon. Washiali – apart from regulating, we will improve and have a database that is verifiable so that not every person can claim to be an insurance provider. Believe me, those that are pretenders to the throne are the ones who get more business because they have a sweet tongue because insurance is about selling hope. If people can sell hope to you –we know of very serious people who have been coned their hard earned money because somebody spoke to them with a nice language. So, if for nothing else, let the insurance industry be regulated for the good of the insurance industry and the fact that it is employing many young people. It is an industry that you can enter and exit at whatever age. Many people have been retrenched and because they have nothing else, but to talk to you, they are able to earn a living out of it. This is a Bill whose time could have come earlier, but God’s time is the best. Hon. Benjamin Washiali, as you exit this House for better service to this country, we want to wish you well. This effort is not going to go unrewarded. It will be rewarded by those of us who will be here to make sure that it is properly executed into law that will help this country. Thank you."
}