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{
    "id": 394255,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/394255/?format=api",
    "text_counter": 342,
    "type": "speech",
    "speaker_name": "Hon. Kabando wa Kabando",
    "speaker_title": "",
    "speaker": {
        "id": 31,
        "legal_name": "Kabando wa Kabando",
        "slug": "kabando-kabando"
    },
    "content": "The supervision of insurance companies has been wanting in the past. However, these amendments seek to empower the Insurance Regulatory Authority more so that issues of ethics and governance are strengthened. Again, when these things are being done by this House, it is also good to encourage our citizenry including institutions, particularly schools that insurance is normal like it was perceived before a preserve of the income that we get. That is a basic necessity. We have seen schools burning down. The fire and burglary insurance scheme is one that is not very expensive. If you go to senior schools, university and colleges you will find that they have not insured their equipment and buildings. Even important business people or prosperous and major earners, because of the perception they had in the past, they have not insured for life and education. So, many families or individuals who were in formal employment and who have solid business income are put into risk when things happen including sickness and death because they have not had the confidence to take the cover that is necessary for those bad times. Hon. Temporary Deputy Speaker, although the requirement for coverage is currently very small even for motor vehicles and other schemes, we have no insurance for anti-terrorism. So, the improvement of ethics and management, and the ring-fencing of governance, in the insurance sector will go a long way to motivate the citizens of East Africa to invest heavily in this industry for purposes of safeguarding the interests of the The electronic version of the Official Hansard Report is for information purposesonly. A certified version of this Report can be obtained from the Hansard Editor."
}