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{
    "id": 394231,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/394231/?format=api",
    "text_counter": 318,
    "type": "speech",
    "speaker_name": "Hon. Gaichuhie",
    "speaker_title": "",
    "speaker": {
        "id": 17,
        "legal_name": "Nelson Ributhi Gaichuhie",
        "slug": "nelson-gaichuhie"
    },
    "content": "Currently, the tribunal has powers of a subordinate court, but this Bill is trying to strengthen it to have similar powers as a Resident Magistrate Court. That will go a long way in helping the insurance sector. Also, having consulted with the stakeholders in the insurance sector, the Committee is going to bring more amendments to the Bill, so that when we pass it, it becomes comprehensive. The Bill is also introducing penalties for those insurance companies that are not well managed. It intends to make sure that they do not wait until a company goes under. They have prudent ways of running the company which is going to assiste the underwriters in a company. This Insurance (Amendment) Bill should get the support of the Members, so that we do not have to continue bringing in more amendments. I want to encourage Members to come to the Committee if you have any amendments, so that when we get into the Third Reading, we have a smooth way of transacting business."
}