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{
    "id": 1337315,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1337315/?format=api",
    "text_counter": 242,
    "type": "speech",
    "speaker_name": "Wajir North, UDA",
    "speaker_title": "Ibrahim Saney",
    "speaker": null,
    "content": " Thank you, Hon. Temporary Speaker. In every sector of our economy, it has become common that there are cartels who manage and run it and who complicate issues, lives and livelihoods for Kenyans. The insurance sector is not different from all other sectors. It is one of the biggest cartels that syphon premiums, the money of the insured, taking away the benefit so intended. The rot in the sector is astronomical to an extent you will first ask yourself: Who owns the insurance companies in Kenya? If you look at Upper Hill, all those tall and monumental buildings belong to insurance companies registered in different entities. They take money and reinvest. It is thievery of its kind. The insured have only one obligation, to pay premiums. Once they pay premiums, the insurer is duty bound to ensure that they meet their side of bargain and all liabilities are unto them, but that does not happen. They do a lot of book lying, accountability is not an issue, and fiduciary risk is at the highest level. In as much as I commend the work of Insurance IRA, that the Commissioner General has been doing so well following up these rogue insurance companies, nevertheless, there has been a lot of political and foreign interference in the ownership and financial management of these companies. It is about implementation, tougher implementations and following up the regulations and making sure they are held into account. A week ago, I was involved in an accident in my car. They were calling it comprehensive plus. Every day they come with catchy words that sell. I used to know comprehensive means comprehensive. But comprehensive is never comprehensive these days; they call it comprehensive plus. I do not know what that means to the extent that up to now I am being taken round in circles to make sure that my car is restored when it is comprehensively insured. This is a business where our money is exported out of the country. If you take a casual look at all the insurance companies, 80 per cent of these companies are owned by foreign individuals or foreign companies. Some of them are not known. Without much ado it is good to say ours is to reinforce, re-energize and make sure that IRA is well funded, given the right capacity in terms of human resources, otherwise the number of brokerages and insurance companies overwhelm the implementation and enforcement of IRA. It is a multi-billion sector but hardly does it make an impact on the lives of those affected, those who have at least stalled to make sure that they pay premiums. Do we have so much deficiencies in terms of laws? Really not, it is about politics. The political goodwill. I was privileged to be a director of the IRA and any time when an insurance company finds itself on the bad side of the law, you will get a call from the high heavens, making sure that the Commissioner General does not do his work. That has been the tradition to be honest. It is about being transparent and open to allow the Commissioner General to implement the reinforcement, supervisory and regulatory authority so far espoused within our laws; otherwise scratching the bottom of this scandal. The stench in the insurance company will be hard to undo. With those few contributions, I support the amendment."
}