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{
    "id": 465321,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/465321/?format=api",
    "text_counter": 280,
    "type": "speech",
    "speaker_name": "Hon. Gichigi",
    "speaker_title": "",
    "speaker": {
        "id": 1909,
        "legal_name": "Samuel Kamunye Gichigi",
        "slug": "samuel-kamunye-gichigi"
    },
    "content": "For a long time, I have seen many Kenyans suffer despite having invested in insurance cover because the insurance companies collapsed. This particular Bill seeks to introduce amendments to the insurance law to give the regulatory authority more powers to regulate the sector and ensure that insurance companies behave. Some of the insurance companies that went under include the Kenya National Assurance Limited, Stallion Insurance Company Limited and United Insurance Company Limited, among others. Hon. Temporary Deputy Speaker, I have seen people who had lost their limbs in tragic accidents, and others who had lost their loved ones, waiting for compensation from insurance companies but the insurance companies collapsed. So, there has not been any way of compensating the particular policy holders. Therefore, it is important that the Commissioner of Insurance and his team make sure that we have people of good conduct and serious companies operating in the insurance sector. Clause 9 of the Bill requires a bit of clarity before we pass it. I do not think it would be in order for the authority to be allowed to access the morality of people in- charge of insurance companies without a clear criterion. We need clarity. Certainly, that bit remains the responsibility of this House, as we amend the law. I also have a problem with Clause 11, which seeks to open up the ownership of insurance companies to citizens of the East African countries. I do not have a problem with countries like Burundi, Uganda and, possibly, Rwanda. However, I strongly suggest that if we are going to extend the courtesy of inviting our colleagues from Tanzania to become shareholders in our insurance companies, we do so at a later date by removing them from this particular clause or we pass this clause as it is but suspend the date on which it becomes applicable to our colleagues from Tanzania until their Government also opens up their insurance sector to other East African citizens. Hon. Temporary Deputy Speaker, I am aware that--- May I be informed by my colleague."
}