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{
    "id": 145685,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/145685/?format=api",
    "text_counter": 305,
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    "content": "grow. Now, by this measure, he is removing all the funds making them only available to Government securities and infrastructure bonds. It is a great worry and I want him to specifically look at this and answer. What is going to happen to the stock market? Already the trading is depressed. What I want to know in this measure that he has proposed; how is he going to take care of those concerns? First of all, what is going to happen to the stock brokers who have been trading with those huge accounts? These people are going to be denied income. The whole market is going to be depressed. What is the Minister going to do in that particular section? Mr. Temporary Deputy Chairman, Sir, in moving the Motion, the Minister has said that in order to ensure there is proper corporate governance within the insurance industry, he has allowed shareholders to only 25 per cent. This is a very good measure and I want to laud him. This is because what he is saying is that we must have proper governance in keeping with internationally acceptable standards. The question here is very simple; there is this Association of Kenya Insurers (AKI), which recently in total disregard of what the law says, decided to punish one of its members. That particular member decided, in compliance with court orders, to still issue and offer employers liability to employees. If the Minister is talking about improving corporate governance within the insurance industry, which is a laudable move, what is he going to do with the AKI who are trying to subvert the law? In trying to punish those who are helping Kenyans and giving insurance to disadvantaged people--- If the ultimate goal of the Minister is to show and make sure that there is proper corporate governance then he must, when responding to the Motion, talk about how he is going to deal with such people. These people are going contrary to his instruction and since he is the boss in charge of our financial sector, he needs to say something about this association which is going against what we expect as Kenyans. Mr. Temporary Deputy Chairman, Sir, I want to thank the Minister very much because he has decided to level the playing ground for banks and other financial institutions which have been previously exempted from Value Added Tax (VAT) and those giving non-banking services. In the past, banks have been using their huge financial muscles and their ability to access high offices to muzzle other players within the financial sector. I want to congratulate the Minister because he has decided to exempt financial services from VAT irrespective of the institutions that are offering them. I also want to thank the Minister very much because one of the things that other Members of Parliament and I have been raising here concern the way financial players, for example the Capital Market, in the way stock brokers have been failing and the way they have had little in terms of protection in case they go under. The move by the Minister to move the limit for investment from Kshs5 million to Kshs50 million and Kshs30 million to Kshs250 million is laudable. I support those two particular things. Mr. Temporary Deputy Chairman, Sir, we should support this Motion. It is a good one. We should encourage the Minister because he has been listening to many of us. He has particularly been listening to Members of Parliament. I thank him for his first Budget. From this side of the House, we want to assure the Minister that we will always support what is good but when there is difficulty, we will point it out to him. I beg to support."
}