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{
    "id": 1337294,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1337294/?format=api",
    "text_counter": 221,
    "type": "speech",
    "speaker_name": "Mbeere North, DP",
    "speaker_title": "Hon. Ruku GK",
    "speaker": null,
    "content": "The fiduciary measures and strict regulation in the banking sector, which is regulated by the Central Bank of Kenya, should be seen within the insurance industry. The difference between the insurance industry and banking sector is minimal and there are many loopholes for the management of insurance companies to take advantage of. Therefore, these amendments will increase the public trust in this sector, create confidence and once the confidence of the public is created, then it means that many Kenyans are able to invest and buy policies which can take care of themselves. In the agricultural sector which is key to the economic development of our nation, we need insurance to insure, whether it is livestock or sugar cane industry or different agricultural sectors, so that the losses which many farmers have been accruing every season are avoided. For that to happen, we need to ensure the public regains confidence and trust as far as this sector is concerned. By so doing, many farmers or Kenyans who are within the agricultural sector will be able to insure their agricultural activities and minimise the losses which may occur in their activities. With these remarks, I support this amendment and urge this House to fully support it and when it comes to the Committee of the whole House, we see how we can make this amendment more stringent, the penalties firmer and also ensure we increase public trust and confidence levels for good investment in this sector so that we can fight all the rogue insurance companies or managers within this sector, because there are a number of them. Many Kenyans have been taken round and round and I am sure even in this House, it is not one or two, but a majority of us must have been taken round by insurance companies, I being one of them in the year 2013 when I was involved in a road accident. Hon. Temporary Speaker, I support this amendment. Thank you."
}