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{
    "id": 1337223,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1337223/?format=api",
    "text_counter": 150,
    "type": "speech",
    "speaker_name": "Kitui Central, WDM",
    "speaker_title": "Hon. (Dr) Makali Mulu",
    "speaker": null,
    "content": "other different types of insurance. When insurance companies sell their policies, either through brokers or through whatever agencies, they use very attractive language that convinces you so that you buy that policy. However, when it comes to the time of paying out the claims, Kenyans go through hell to access part of this money. Sometimes the claimant never accesses the money even where they are supposed to be paid. So, when we have this Bill which proposes to amend some sections so that these companies become more accountable to Kenyans and the regulatory authority, it is a Bill worth supporting. We have the Insurance Regulatory Authority (IRA) which is an authority which regulates this sector. So far they have been doing a good job. There are also other regulatory bodies in the sector. It is important when we have a legal framework which in a very clear way stipulates what is to be done by which company and when. For example, when they are expected to prepare reports and submit to the regulatory authority, it is good when we have that framework which says by what date and what is the format of that report so that the Government can also regulate this important sector. At the end of the day, when the time for getting their claims paid comes, the beneficiaries of this sector will be paid without unnecessary delay. The other important point is that this is a sector where we have very many brokers. As the Chairman for the Departmental Committee on Finance and National Planning has said, in a situation where you expect professionals to do a professional job but there are very many brokers, there is a likelihood to get people who are not even professionals coming to the sector. It is important that Bill is mentioning the Insurance Professionals (Amendment) Bill. We need to get it to this House so that we also streamline the area of the professionals and have people who are trained on these matters being key players in this sector. Otherwise, we will have a sector which is confused, a sector where Kenyans are paying a lot of money and a sector where Kenyans do not get their benefits, more so through claims when the time for claims come. I support this Bill and urge my colleagues to also support it so that this sector can be obligated to be accountable to Kenyans. I support and thank you for the opportunity."
}