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{
    "id": 121213,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/121213/?format=api",
    "text_counter": 341,
    "type": "other",
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    "content": "We have also reduced the Excise Duty on water and also on sodas in order to make them more affordable, especially during these difficult times. Mr. Deputy Speaker, Sir, lastly, we have also made proposals in the Insurance Act to allow shareholders of insurance companies to hold--- Previously, the shareholders have been able to hold an unlimited number of shares and this has given rise to corporate governance challenges, especially where a single shareholder or related shareholders have majority control of the company, making imprudent decisions. Again here, we have made proposals to reduce this holding to a maximum of 25 percent. We have further proposed to amend the Insurance Act to bar any person who directly or indirectly owns or controls or is a beneficiary entitled to more than 20 per cent of the shares of an insurance company from participating in the day to day management of the company. All these proposals are intended to improve governance in the insurance sector."
}