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{
    "id": 235216,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/235216/?format=api",
    "text_counter": 359,
    "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, once again, the import of this clause was to introduce cash and carry in the insurance industry. We have had instances where people pay their insurance premiums, which are retained by the insurance brokers and are not remitted to the insurance companies. The cost of insurance premiums was then kept high because of that risk. Mr. Temporary Deputy Chairman, Sir, since the introduction of this law during the Budget, we saw insurance companies bringing down their premiums, especially for the matatus . This law is already in operation, cash and carry is working very well and both the brokers and insurance companies are saying: \"Thank you for having made this amendment\". Mr. Temporary Deputy Chairman, Sir, what this House is trying to do through this amendment or what hon. Oparanya is trying to do through this amendment is to reverse those gains made in the insurance industry; to tell them: \"From now on, let us not do cash and carry, go back to brokers keeping the money until they remit it to the insurance companies\". This is going to raise the cost of premiums with effect from tonight, and you can be sure of this. All the insurance premiums whose cost have come down will go up because right now, we are reversing the gains we had just given the insurance industry."
}