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{
    "id": 1337207,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1337207/?format=api",
    "text_counter": 134,
    "type": "speech",
    "speaker_name": "Kikuyu, UDA",
    "speaker_title": "Hon. Kimani Ichung’wah",
    "speaker": null,
    "content": "Clause 4 of the Bill seeks to amend Section 70 of the Insurance Act, which is just a clean-up exercise. This is the same in Clause 5, which amends Section 150 of the Insurance Act in the marginal note by deleting the word “surveyors” and substituting with the words “insurance surveyor”. Insurance surveyors are professionals who are defined under the Insurance Act. Hon. Speaker, as I said, this is a very short Bill. I beg that we all support it. We want to ensure that the insured or clientele of our insurance companies are first assured that their money is safe within the insurance companies. This is what they have invested in insurance investment products, the money market or money they have paid to insurance companies as premiums to secure their assets at a time of loss. This Bill will ensure that the running and management of insurance companies is professional enough. There is no insurance manager, principal officer or any person working with an insurance company who will make false reports to the IRA. The IRA is charged with the responsibility of regulating our insurance companies and making sure that they are submitting reports that reflect their actual financial status and financial health. This is to ensure that when members of the public are insuring with them and paying premiums, they are certain that when they incur losses, those insurance companies will be in the right financial status to settle their claims. 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."
}