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{
    "id": 465318,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/465318/?format=api",
    "text_counter": 277,
    "type": "speech",
    "speaker_name": "Hon. S.S. Ahmed",
    "speaker_title": "",
    "speaker": {
        "id": 140,
        "legal_name": "Ahmed Shakeel Shabbir Ahmed",
        "slug": "shakeel-shabbir"
    },
    "content": "Hon. Temporary Deputy Speaker, I have a problem with Clause 9, which suggests that the Insurance Regulatory Authority should make an assessment of the management of insurance businesses. That is very good. However, insurance companies keep on insisting that they want to be self-regulatory. They say that their operational policies should be their decision. As far as we allow them to be business companies that make profit and whatever, they have a corporate social responsibility. They must not use the situation to make money unfairly. I also think that self-regulation has a limit. They are like the banks. There are only about 10 banks and 15 insurance companies in this country. Everybody else should either shape up or they take them over. The proposed amendment under Clause 16 suggests that we remove “Kenya” and replace it with “East Africa”, in accordance with the East African Protocol. We are saying, well, there is already an amendment in place. This should only apply to those countries that are reciprocating with us. As we speak, Rwanda is kicking out Kenyans, saying that Kenyans have got “plastic smiles”. Likewise, Tanzania is throwing out our businessmen. However, as a country, we want to welcome the citizens of those countries to participate in this business, in accordance with the East African Protocol, even though their countries are not following the rules. So, we must say that we shall enact laws that will only bind us with those countries which are also enacting laws that meet the East African Community Protocol. With those few remarks, I beg to support."
}