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{
    "id": 465362,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/465362/?format=api",
    "text_counter": 321,
    "type": "speech",
    "speaker_name": "Hon. Limo",
    "speaker_title": "",
    "speaker": {
        "id": 1915,
        "legal_name": "Joseph Kirui Limo",
        "slug": "joseph-kirui-limo"
    },
    "content": "This Bill is actually strengthening the settlement of claims in two ways: One, in strengthening the Insurance Regulatory Authority (IRA) to make sure that they vet management of the insurance companies. Secondly, this actually enhances the performance of the insurance companies and gives confidence to the people in terms of compensation. Hon. Temporary Deputy Speaker, Sir, insurance companies normally produce books in four months and this is where the issue of relevance comes in. The purpose of producing books, other than helping management in decision making, helps the insurance companies assess the level of premiums and also give compensation at the right time. If we support this Bill, it will actually strengthen the insurance companies and the insurance industry as a whole. One other issue which this House needs to take seriously is the responsibility of harmonizing all the laws under the 2010 Constitution and ensure that they are complied with. I will urge my colleagues to support the implementation of the Constitution; not through talking but by doing the amendments of the laws to meet the timelines as set by the Constitution. Only then would we have performed our work. Hon. Temporary Deputy Speaker, Sir, one of the key issues which the amendment in this Bill is bringing forth is the recognition of the expertise. We have had problems in this country because we are not aligning jobs to the right skills. You find that somebody is given a very senior position in the insurance company by virtue of having the financial muscle, but he does not have the knowhow. They do not understand the principle of insurance. So, the Bill is bringing out the importance of recognizing expertise in the management of insurance companies. We really have to support this amendments. As much as we really want to go by the treaty, it is also important that we do it diligently so that we do not kill the industry by moving towards that direction without being conscious of what we are doing."
}