Entry Instance

HTTP 200 OK
Allow: GET, PUT, PATCH, DELETE, HEAD, OPTIONS
Content-Type: application/json
Vary: Accept

{
    "id": 1337250,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1337250/?format=api",
    "text_counter": 177,
    "type": "speech",
    "speaker_name": "Marakwet West, Independent",
    "speaker_title": "Hon. Timothy Kipchumba",
    "speaker": null,
    "content": " Thank you, Hon. Temporary Speaker, for giving me the opportunity to contribute to this important and progressive amendment to the Insurance Act. Kenyans do not take the insurance business seriously. Many people have opened briefcase insurance companies, which have duped many Kenyans. I believe that this progressive amendment Bill will settle matters that have come up in the insurance industry, and that have affected many Kenyans. Judgements have been rendered in courts of law on matters involving road traffic accidents. However, when it comes to compensation of individuals who were involved in traffic accidents, you find that a judgement has been entered by a court of law but thereafter, that particular claim is not paid by an insurance company, and yet that person may have been paying premiums to that insurance company. Therefore, we have what we call “paper judgements” in our courts of law. We have judgements that cannot be executed by insurance companies. The amendment Bill proposes that in the event that an insurance company is unable to settle a certain claim, they must pay a set penalty. I support this amendment Bill. It will go a long way towards addressing issues to do with compensation by insurance companies. It is unfortunate that people are injured in a road accident and they approach an advocate, who files a claim before a competent court of law, which then enters a judgement. However, when it comes to payment of the award, it is not executable. In my opinion, the penalty that has been placed on the insurer is low and should be increased. The penalty should be made stiff to curtail any briefcase insurance company that does not have enough money to compensate individuals. That penalty should be higher than what has been proposed in this legislation. Hon. Temporary Speaker, when it comes to the Second Reading, I propose that the minimum penalty that the insurer should pay should not be less than Ksh10 million or imprisonment for not less than 10 years so that nobody will run a previous company because we have a weak regulator in this country. In my opinion, the Insurance Regulatory Authority (IRA) in this country is quite weak. It must be strengthened. I have seen the amendment is not enough to strengthen that Authority. I support this amendment. I pray that this House passes the same. Thank you."
}