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{
    "id": 1337293,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1337293/?format=api",
    "text_counter": 220,
    "type": "speech",
    "speaker_name": "Mbeere North, DP",
    "speaker_title": "Hon. Ruku GK",
    "speaker": null,
    "content": " Thank you very much, Hon. Temporary Speaker. I rise to support this amendment forwarded by the Leader of the Majority Party. These amendments speak to very important concerns of many Kenyans. For those who have been to school of business, they will tell you that insurance can be termed in layman's language as legalised stealing. Many insurance companies have capitalised on the loopholes within the law to ensure that they take many Kenyans who have bought different types of policies to insure different risks, round and round, one year, two years, three years until many people lose the benefits. They capitalise on very small discrepancies, even a comma or full stop and tend to take advantage to ensure they do not pay the claims which come to most of these insurance companies. These amendments will ensure that the directors take responsibilities in case the insurance company fails or collapses. We have seen a number of insurance companies in Kenya collapse in the past, an example is Blue Shield Insurance, Stallion Insurance and many others. When they collapse, they do so with many claims and policies which have not been paid, money which has been earned in very difficult ways from different economic activities by Kenyans to be able to pay or invest in some of these companies. These amendments will ensure that there is sanity and professionalism within the sector. The way the management of the insurance sector is done as at now, we need to ensure there are more stringent penalties in case any offence is committed and this is exactly what this amendment is trying to achieve. We need more stringent penalties in case the management of these insurance companies is not done in the most appropriate and prudent way. 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."
}