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{
    "id": 394234,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/394234/?format=api",
    "text_counter": 321,
    "type": "speech",
    "speaker_name": "Hon. S.S. Ahmed",
    "speaker_title": "",
    "speaker": {
        "id": 140,
        "legal_name": "Ahmed Shakeel Shabbir Ahmed",
        "slug": "shakeel-shabbir"
    },
    "content": "The insurance trade has been open to a lot of criticisms. The operators have complained that there have been a number of fraudulent claims. So, as much as we want to support the mwananchi, with a stronger system which is institutionalised with specific guidelines and benchmarks, the insurance trade will improve its standards. Like the banks, the insurance companies take advantage. I do not know of any other place where insurance firms charge so highly for the public service vehicles (PSVs) and other motor vehicle insurance covers. We hope that with the East African Community having opened up, there will be more players in the sector from Rwanda, Tanzania and other countries. This will bring in competition with more established players. Previously, there was only one re-insurance company called the Kenya-Re. If Kenya-Re refused to re-insure a business, one had no alternative but to appeal. With the amendments, the re-insurance sector is now open to our partner States. So, we know that there will be, at least, another two or three re-insurance companies and this will open up the market. There was much debate about Section 203 of the Insurance Act, where we had intended to put tighter restrictions. We intended to put tighter restrictions because people have been complaining that when they have an accident, their claims are not honoured and they take years because of red tape and other things that the insurance companies might use. We have put a timeframe of 90 days from the time the claim is lodged to the time it must be paid."
}