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{
    "id": 465288,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/465288/?format=api",
    "text_counter": 247,
    "type": "speech",
    "speaker_name": "Hon. A.B. Duale",
    "speaker_title": "",
    "speaker": {
        "id": 15,
        "legal_name": "Aden Bare Duale",
        "slug": "aden-duale"
    },
    "content": "(Amendment) Act--- When the names were being laid on the Table, the House was full. Now that the names have been withdrawn because of some particular reasons, the House is empty. But this is a very important Bill. Hon. Temporary Deputy Speaker, Sir, one of the reasons why we have so many amendments to a number of laws is because we want to align them to the new Constitution. Secondly, the industry stakeholders or industry players are using these rules in a very competitive global environment. So, they want to catch up with what is happening in the rest of the world with regard to the insurance sector. Hon. Temporary Deputy Speaker, Sir, I will be very brief. I want just to highlight that when we have an amendment Bill, the first thing that we need to have as hon. Members, is to have the Principal Act. It is only when you have the Principal Act, the Insurance Act; that you can follow the sections which are being deleted or introduced through the amendments. So, I have asked hon. Members, now that Parliament is under construction, we should have our library back so that when we have amendments, hon. Members can be given the principal Act. Hon. Temporary Deputy Speaker, Clause 2 of this Bill is seeking to introduce a new section called Section 3A, Sub-section (2). This just provides clarity and objectives of supervision of the insurers and the re-insured; both sides. So, this is more of creating a new development in the growth of the industry. Clause 3 of this amendment Bill is trying to amend sections of the principal Act - the current existing principal Act. This amendment is removing restrictions for foreign ownership. There was a restriction that foreign companies could not join the insurance sector. So, it opened up the ownership of the insurance companies to persons, mainly from the East African Community region. Clause 4 of the Bill seeks to amend Section 23 of the principal Act. Again, this is about clarity on the kind of citizenship of the East Africa Community partner states. It gives them more ownership than somebody working in a far foreign land. It clarifies who are East Africa Community citizens who want to invest in the insurance industry."
}