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{
    "id": 1337343,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1337343/?format=api",
    "text_counter": 270,
    "type": "speech",
    "speaker_name": "Molo, UDA",
    "speaker_title": "Hon. Kuria Kimani",
    "speaker": null,
    "content": " Thank you very much, Hon. Temporary Speaker. I thank the Members who have extensively contributed to this debate on insurance matters. This House has eloquently pronounced that the insurance sector needs to put its house in order. We, as Kenyans, want value for our money. We want to be able to take up insurance products not just because the laws or regulations require us to do so, and not just because a police officer will stop you by the roadside and ask for your car insurance, but because it is the right thing to do. The proposals contained in this amendment, talking about stringent penalties, and including imprisonment of those officers who will have been found not to execute due diligence or to mislead or to steal from Kenyans, are very welcome on this particular matter. The Bill also makes provision that when those officers are taken to court, the court may rule that they compensate the victims with their own money. This is very welcome. We hope that that will bring sanity to the insurance sector. As I mentioned when moving the Bill, the Insurance Act has been amended a record 38 times. Therefore, that signifies a need to repeal the current Act and have a comprehensive Insurance Act that will take care of issues of emerging technologies and accommodate some of the issues that Members have raised. As the Departmental Committee on Finance and National Planning, which is charged with overseeing the financial sector, including the insurance sector, we are holding continuous engagements with players in the insurance sector to ensure that the correct thing is done. As earlier alluded to, we are also drafting an Insurance Professionals Bill, which will regulate the sector and professionals in the industry. It will ensure that people masquerading as insurance agents and professionals with briefcase companies are kicked out. We will then have professionals who can be held accountable if they engage in activities contrary to their code of conduct. They can be blacklisted not to mess up other companies, insurance claims, or properties of other Kenyans. Developing countries have proven that the uptake of insurance services takes away significant risks that people would ordinarily have to accommodate. Kenya is primarily driven by agriculture and yet, agriculture insurance is one of the least obtained products by Kenyans. I am an example that most farmers who have at one time taken an agricultural policy or agricultural insurance do not get reasonable compensation when their crops do not do well or whatever insured risk happens. They are treated to what I would call “ Kiingereza mingi .”It is said that the devil is in the details of all those terms and conditions attached to your insurance policy. Hon. Members have pronounced themselves on this matter, and I know the insurance sector is listening. When insurance agents come to sell insurance to Kenyans, they are usually very persuasive and dressed in suits. They are willing to do anything. They even buy you lunch 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."
}