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{
    "id": 1337270,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1337270/?format=api",
    "text_counter": 197,
    "type": "speech",
    "speaker_name": "Kilifi North, UDA",
    "speaker_title": "Hon. Owen Baya",
    "speaker": null,
    "content": " Thank you, Hon. Temporary Speaker, for giving me an opportunity to comment on the Insurance (Amendment) Bill, 2023. This Bill brings accountability into the insurance sector and enhances what is called fiduciary duties. Actually, it brings penalties for offences created in the insurance industry by directors and shareholders. Some players in the insurance industry are rogue in that they want your money but when it comes to paying for what you insured, they are very bad people. They are very good when starting the process but when they get business from you, they become rogue. This Bill is laying out offences and penalties relating to the management of the insurance companies. It is also cleaning and aligning issues for example, in Sections 32 and 40 of the Act. The history of this country is that if we run businesses without strict regulatory authorities, Kenyans will be defrauded, lose money, and it beats the purpose for having entered into business. Therefore, when this Bill becomes an Act of Parliament and is assented to by the President, it will bring accountability, observance of fiduciary duties and professional responsibilities in the insurance sector. The insurance sector is one of the biggest sectors in this country because it controls millions of shillings. As it does so, lives of people are attached to it. If I insure my car, I have insured my family and everybody else. When an accident happens, I expect expeditious availability of resources to put my family into the former position it was. That is what insurance is about. It is not about making money. If you suffer a loss, you should be brought to the level you were before. There are too many brokers and people do not look at this as a profession but a way of making money. So, the Government must come in strongly and bring penalties for offences and ensure the sector is well regulated. This Bill heightens accountability and encourages more prudent approach to risk management, financial planning and strategic decision making. It is bringing prudence in risk management and if the insurance sector does not do this, then it is dead and so, it would be very hard for us to do business. Hon. Temporary Speaker, I know you are a big businessman and you have insured your businesses. If something happens to them because of lack of prudence in the management of risks, you suffer losses both ways; the money used to manage the risk of the business through insurance and the business is gone so, you have a double loss. Your building is gone and you cannot get money you have put in the insurance, for many years. We need to bring prudent management of risks and strategic decision making. Many decisions made at the insurance level are not strategic because the people managing these insurances are not professionals. They are only there to make money. This Bill will align professionalism, risk management and prudence in the management of the sector. Therefore, 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."
}