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{
    "id": 465282,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/465282/?format=api",
    "text_counter": 241,
    "type": "speech",
    "speaker_name": "Hon. Langat",
    "speaker_title": "",
    "speaker": {
        "id": 384,
        "legal_name": "Benjamin Kipkirui Langat",
        "slug": "benjamin-langat"
    },
    "content": "something to take home given their investments. That is one of the key issues that this Bill seeks to achieve. The other thing that this Bill proposes to do is to enable the Insurance Regulatory Authority to assess the professionalism and integrity of the people who own insurance companies. This is a financial sector and the risks are too high. This Bill seeks to ensure that the Insurance Regulatory Authority vets the owners of insurance companies - just like we vet the owners of banks - to ensure that they are of the right integrity and character. They should have the right professionalism to manage successful insurance businesses. Hon. Deputy Speaker, again this is very good because the moment you invest your money to a third party, then there must be somebody else who will be checking on your behalf to make sure that your investments are safe. Like when you save with the bank, if you do not have Central Bank, you will not be sure whether you will get your money back. So, this is the same thing that gives power to Insurance Regulatory Authority to assess professionalism, financial capability and the suitability of persons managing or having significant control on interest, or a licensed person, in terms of the insurance company. So, this is a very good provision so that we can create confidence in our insurance sector. Hon. Deputy Speaker, the other thing that is being done in this Bill is to align it with the Constitution. For instance, in the former Constitution, the Office of the Attorney- General (AG) and the Public Prosecutor were one and the same thing. This Bill also seeks to ensure that we align the constitutional requirement that it is no longer the Attorney- General to prosecute. It is now the Director of Public Prosecutions (DPP). So, some of the amendments are going to recognize that change in the Constitution. The DPP is now the person who does the prosecution and not the AG. Hon. Deputy Speaker, the other thing that these amendments seek to achieve is that, previously, the insurance sector was supposed to read its own financial statements four months after the expiry of the financial year. But now, these amendments seek to reduce that period so that, the more time the financial statements are not prepared, the more irrelevant they become. So, I think these amendments seek to increase the relevance in those financial statements and, indeed, make it an offence for an insurance company not to comply."
}