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{
    "id": 235184,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/235184/?format=api",
    "text_counter": 327,
    "type": "speech",
    "speaker_name": "Mr. Kimunya",
    "speaker_title": "The Minister for Finance",
    "speaker": {
        "id": 174,
        "legal_name": "Amos Muhinga Kimunya",
        "slug": "amos-kimunya"
    },
    "content": " Mr. Temporary Deputy Chairman, Sir, I would like to draw the attention of hon. Members that Clause 24 is attempting to give Kenyans control over the insurance industry. There is a requirement that 30 per cent of the insurance industry must be owned by Kenyans. What it does not say is who is a Kenyan. Now, this is the power we are giving to the Kenyan people. I would be surprised that this House would like to take away the power we are giving to Kenyans to own shares in the insurance industry. Mr. Temporary Deputy Chairman, Sir, another point I would like to add is that we would have included this Clause in the Insurance (Amendment) Bill but these amendments were brought in June, 2006. At that time, it was not clear when the Insurance Act would be amended. Even what is before the House right now is an amendment to create an insurance authority, and not to define these things. Therefore, if this House is happy with the concept that Kenyans should own part of the insurance industry, then we should pass this Clause. When we finally amend the Insurance Act, the two Acts will be amalgamated. Let us not deny Kenyans a chance to own a part of the insurance industry under the guise of delaying this amendment because Kenyans need this provision now."
}