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{
    "id": 147215,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/147215/?format=api",
    "text_counter": 165,
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    "content": "Eleventh, the current provisions of the Insurance Act allow shareholders of insurance companies to hold unlimited number of shares. This has given rise to corporate governance challenges, especially where a single shareholder has majority control of the company and makes imprudent decisions relating to the operations of the business. I propose, therefore, to amend the Insurance Act to restrict shareholding of Insurance Companies by a single person to 25 per cent. I further propose to amend the Insurance Act to bar any person who directly or indirectly controls or is beneficially entitled to more than 20 per cent of the shares of the insurance company from participating in the day to day management of the company. These measures will go a long way to reduce the possibility of control by related parties and will facilitate the practice of good corporate governance and ensure stability in the insurance industry. With regard to promoting safety on our roads, in the past two years, the Government has undertaken a number of reforms in the road transport sector which include the issuing of new generation log book. In order to enhance these reforms, I propose to amend the law that deals with the registration of new owner vehicles when a transfer takes place as well as the law on registration of imported commercial vehicles. Second, the proposed amendments should encourage vehicle owners to migrate from the old generation log book to the new generation log book which is issued electronically and has more security features. The replacements will be free for those who hand in their old generational log books. Third, in addition, it has been noted that some importers of commercial vehicles are using them without having them registered with the Road Transport Department. I propose to amend the law to require importers of commercial vehicles to have them inspected and registered within 30 days of release by Customs Office. The proposed measure should discourage the use of unregistered commercial vehicles on our roads. Mr. Speaker, Sir, fourth, it has been noted that some vehicle owners and drivers waste many productive hours between our roads, police stations and courts for being involved in minor traffic offences which can be sorted out in a more convenient way. To address this concern, I propose to amend the Traffic Act to allow minor traffic offenders who have pleaded guilty before the traffic policeman to be fined on the spot and to be allowed to proceed with their journey. In this Budget, I have outlined bold and comprehensive measures that I believe will enable us to address the short-terms challenges that we face while at the same time, staying focused on implementing our priorities under Vision 2030. I would like to assure hon. Members and more importantly, to assure all Kenyans that we fully understand the enormity of the task that lies ahead. However, we believe that we have what it takes to confront these challenges and those that may hold us back from our quest to turn this nation into a middle income country over the next 22 years. Time and again, Mr. Speaker, Sir, Kenyans have demonstrated that even when confronted by the most serious challenges, that they have the capacity and resolve to put their difference aside, to rise to the occasion and to overcome their problem. I, therefore, urge all Kenyans to join together in the work of rebuilding this nation. The only way it can be done is by all of us united and working towards one vision; the vision of steering our economy along the path of posterity, having enshrined by our Vision 2030. Let us resist, hon. Members, the temptation to fall back to partisan politics and alliances that have reversed the gains we have worked so hard to build."
}