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{
    "id": 1337273,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1337273/?format=api",
    "text_counter": 200,
    "type": "speech",
    "speaker_name": "Funyula, ODM",
    "speaker_title": "Hon. (Dr) Ojiambo Oundo",
    "speaker": null,
    "content": " Thank you, Hon. Temporary Speaker for this opportunity to weigh in on the Insurance (Amendment) Bill (National Assembly Bill No.18 of 2023). I stand to support the proposed amendment to the parent Act, the Insurance Act, subject to a few reservations that we will iron out as I make my presentation and deal with them at the Committee of the whole House. Insurance is the cornerstone of a modern economy. It dates back to many years when there was a form of exchange of goods and services between two or more people. It dates back to when people ventured out of their abodes to do business and to travel. Insurance became necessary when people started owning assets that could be destroyed, lost and in debt. Insurance as we know it in its current form is a form of risk transfer mechanism where you only transfer risks whose outcome is unknown. That is why insurance is built on the principle of many contributors, fewer claims and fewer beneficiaries in any given accounting period. Therefore, it is always desirable for every single person to have an insurance cover to cover their lives, their medical expenses, unknown loss of business and unknown loss or damage of an asset they own and cherish. However, the story about insurance compensation and processing claims in this country is replete with many sad stories and dotted with very many bad endings. Any attempt to continuously amend the Insurance Act in order to address the emerging challenges is welcome. As the Chair of the Departmental Committee on Finance and National Planning has mentioned, if there is any Act of Parliament that has gone through tremendous amendments in every other Parliament, it is the Insurance Act. Every time new issues arise that require legislative policy and administrative intervention. Many people are persuaded to take insurance covers. However, many insurance policy holders dread the day they will go make a claim. That is when all the small prints will be shown to you. Things that you never knew are intervening factors will be brought to the fore. That is why it is important… Any attempt to continuously regulate the insurance industry is always welcome. Any attempts to continuously regulate the industry, bring accountability and professionalism, and impose sanctions for discretions either imaginary, intentional or by an act of whichever nature, is always welcome. In Clause 3, New Section 67(h) of the Bill proposes a list of offences of commission that can be done by a director, a principal officer or management staff as well as a shareholder. I also want to support the Leader of the Majority Party in including a shareholder among the people who can commit an offence which is overreaching. It is onerous and extremely dangerous. The level of involvement of a shareholder in an incorporated company that is listed 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."
}