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{
    "id": 234815,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/234815/?format=api",
    "text_counter": 206,
    "type": "speech",
    "speaker_name": "Mr. Mwiraria",
    "speaker_title": "",
    "speaker": {
        "id": 283,
        "legal_name": "David Mwiraria",
        "slug": "david-mwiraria"
    },
    "content": "Thank you, Mr. Temporary Deputy Speaker, Sir. Sorry, I have lost my voice but I will try to be heard. Mr. Temporary Deputy Speaker, Sir, I rise to support this very important Bill. It is a Bill establishing a very important Authority; an authority which the insurance industry in Kenya has required for many years. In fact, it is coming a little late but it is better late than never. Mr. Temporary Deputy Speaker, Sir, in the objects and functions of this Authority, one of them is Section 3A(d) which is \"to protect the interests of insurance policy holders and insurance beneficiaries in any insurance contract\". We have already had a few speakers say to what extent insurance policy holders in Kenya have been exposed to exploitation by the insurance brokers as well as the insurance companies. Under the present law, a broker is allowed to keep insurance proceeds he has been given by the persons to be insured for 60 days. In many cases, they keep the money for much longer than that. What happens eventually is that when, say, an insured person who has a policy of motor vehicle insurance is involved in an accident, he takes a claim to the insurance company, he finds that the money he paid has not reached the insurance company. Then there begins a long battle to find out whether he is covered or not. There is therefore, in my view, need for this Authority to ensure that some of these outdated sections of our law are reviewed in the interests of all the insurance stakeholders. Mr. Temporary Deputy Speaker, Sir, the second point is that, of late, we have had very many insurance companies which have collapsed. When they collapse, as the Kenya National Assurance Company (KNAC) did, the policy holders are left totally exposed. Since they are not protected, they do not get anything for whatever they have put in those firms as premiums, etcetera . So, this is another aspect which I hope the proposed Authority will address. During our debate on the Finance Bill, we deleted from the Bill some key clauses which relate to the insurance industry. Some of the clauses sought to deal squarely with the issue of protection of insured people. Looking at the Finance Bill that we passed the other day, there was, for instance, Clause---"
}