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{
    "id": 1337215,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1337215/?format=api",
    "text_counter": 142,
    "type": "speech",
    "speaker_name": "Molo, UDA",
    "speaker_title": "Hon. Kuria Kimani",
    "speaker": null,
    "content": " Hon. Deputy Speaker, I beg to second that the Insurance (Amendment) Bill (National Assembly Bill No.18 of 2023) be now read a Second Time. The Insurance (Amendment) Bill (National Assembly Bill No.18 of 2023), is sponsored by the Leader of the Majority Party, my senior, Hon. Kimani Ichungw’ah, the distinguished Member of Parliament for the great people of Kikuyu. It was published on 12th May 2023. It was read the First Time on 25th July 2023 and committed to the Departmental Committee on Finance and National Planning, pursuant to Standing Order 127. The Bill was submitted by the Cabinet Secretary for the National Treasury as part of the proposals for the Budget of the 2023/2024 Financial Year. The object of the Bill is to enhance accountability within the insurance companies and observance of fiduciary duties, as well as professional responsibility by senior managers of insurance companies, by amending the Insurance Act Cap.487, to provide for offences and penalties relating to the management of insurance companies. The Bill seeks to ensure that the insurance companies take responsibility in case an insurance company fails. Further, the Bill seeks to correct some errors that were there in the Bill. Hon. Deputy Speaker, the Committee received the Bill pursuant to Article 118 of the Constitution and Standing Order 127(3). The Committee called members of the public to submit their memoranda through adverts placed in print media on 8th July. We received memoranda from the Association of Kenya Insurers, Association of Insurance Brokers, PricewaterhouseCoopers, the Institute of Certified Public Accountants Kenya and the Insurance Regulatory Authority. The Committee held stakeholder hearings on Wednesday, 30th August 2023, in Parliament Buildings where we also received oral submissions. 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."
}