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"id": 234819,
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"type": "speech",
"speaker_name": "Mr. Okemo",
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"legal_name": "Chrysanthus Barnabas Okemo",
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"content": "Thank you very much, Mr. Temporary Deputy Speaker, Sir, for giving me this opportunity. I would like to support this Bill. I am happy to learn that the Minister for Finance has indicated that he will widen the scope of the memorandum and objects of the Bill to enable him deal with amendments that are outside the printed Bill. There are areas that need immediate attention and it would only be appropriate that he takes advantage of the printed Bill to bring about those amendments. Mr. Temporary Deputy Speaker, Sir, I want to agree with the previous speaker who said that if you want a truly independent and autonomous regulatory body such as is suggested here, then you have to start with the composition of the Board of the proposed institution. The composition of the Board will be reflective of whether the proposed regulatory authority will be independent and autonomous or it will be subject to the Executive control. I wish to, therefore, agree with the suggestion that in putting together the Board, the appointees should come through the various professional associations that are relevant to insurance. For instance, there should be nominees coming from the Association of Kenya Insurers, the Association of Insurance Brokers, the Association of Loss Adjusters and Assessors, the Association of Insurance Valuers, et cetera . All these professional bodies should recommend a number of names to the Minister and then we can give him some discretion to choose, but from the list that will come to him. That way, we will ensure that the Board comprises of professionals and, at the same time, the Minister has an element of discretion. That way, we will not deprive the Minister of all the discretion to appoint people to the Board. However, allowing the Minister to appoint all these people from his own wish-list, would be giving him far too much leeway. Mr. Temporary Deputy Speaker, Sir, another important issue, as Mr. Raila mentioned, is that the Chief Executive Officer should be subjected to a proper appointment procedure. The job should be advertised so that it is open to all Kenyans, so that interested persons can apply and go 3622 PARLIAMENTARY DEBATES November 14, 2006 through an evaluation process, so that the appointing authority can come up with the best qualified candidate. That way, we will come up with a body that will be truly professional, and which will regulate the insurance industry. I also wish to point out the fact that the insurance industry, as it is today, has a lot of problems. That is mostly because, the insured persons, who comprise, mostly, of ordinary"
}