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{
    "id": 394274,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/394274/?format=api",
    "text_counter": 361,
    "type": "speech",
    "speaker_name": "Hon. Langat",
    "speaker_title": "",
    "speaker": {
        "id": 384,
        "legal_name": "Benjamin Kipkirui Langat",
        "slug": "benjamin-langat"
    },
    "content": "Hon. Temporary Deputy Speaker, we have witnessed serious failures in the past in the insurance sector. I think the most recent one was the United Insurance Company. When it fails, the damage to the economy is very serious. That is why this sector needs close monitoring, like the banking sector. That is why we are even saying let us give power to the Insurance Regulatory Authority (IRA) to ensure that those who are in charge of managing the insurance sector meet certain academic qualifications, professional experience and integrity standards so that Kenyans can have reasonable expectations that the sector is being managed properly by the right people. That is why part of this amendment is to ensure that the IRA is given power, just like in the banking sector. You cannot wake up one day and say that you want to start a bank or you want to be a manager of a bank. You have to be vetted in terms of: Do you have the experience to manage public funds? Do you have the right character to be able to really get this money and manage it?"
}