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{
    "id": 1337216,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1337216/?format=api",
    "text_counter": 143,
    "type": "speech",
    "speaker_name": "Molo, UDA",
    "speaker_title": "Hon. Kuria Kimani",
    "speaker": null,
    "content": "In compliance with the constitutional requirements of public participation, the Committee took into consideration the representations received on the Bill. We appreciate all the stakeholders that took their time to submit their memoranda to the Departmental Committee on Finance and National Planning, which we took time to read and adopt some of them in our Report. The Insurance Act was enacted in the 1980s. Since then, it has been amended a record 38 times over the years. There is, therefore, an urgent need to comprehensively review and perhaps reveal the Act, to be in tandem with the current industrial requirements. But in the meantime, the Bill though a piecemeal one, will go a long way in protecting the insured citizens from shareholders, directors and principal officers or management staff of insurance. We are also considering at the same time the Insurance Professionals Bill, and hopefully we will be able to table that Report very soon in this House. This Bill hopes to regulate the way the professionals in the insurance sector carry out business. If you check every profession in this country, whether it is the lawyers, they are regulated by the Law Society of Kenya. If you are a practising accountant like myself, you do not have to just sit for the Certified Public Accountant (CPA) exams, but also be in good standing in the Institute of Certified Public Accountants of Kenya (ICPAK). Doctors have their organisations. Engineers have the Engineers Board. But you find that this very critical sector of insurance has no regulator in terms of the work of professionals in the insurance sector. This has led to Kenyans losing billions and billions of shillings through fraudulent and shrewd insurance practitioners. Unfortunately, there is no reprieve where these professionals can be reported for professional action to be taken against them, apart from criminal proceedings. If you check, you realise that the people that run down one insurance company just quickly regroup, go to another one then run it down. If you ask even on the streets, there are people who are professionals, whether you want your car to be written off, there are people who carry out those fraudulent activities. After extensive deliberations, the feel of the Committee and the sector is that there is need to have an Insurance Professionals Bill, so that we can regulate the way these professionals carry out their activities. If we have ICPAK that regulates those people who take care of our books of accounts, our audit and accounting, then what about those people that take care of our insurance policies? For example, the life insurance policies that we take. The many years of hard work that make us get a mortgage and buy a home then we insure that home, hoping that in the event of the insured risk happening, then we will be able to go back to the situation we were before the accident, what in insurance terms is called indemnity. If we have these regulations in all these sectors, why not the insurance professionals’ sector? With those few remarks, I beg to second."
}