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{
    "id": 465439,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/465439/?format=api",
    "text_counter": 398,
    "type": "speech",
    "speaker_name": "Hon. Gikaria",
    "speaker_title": "",
    "speaker": {
        "id": 2489,
        "legal_name": "David Gikaria",
        "slug": "david-gikaria"
    },
    "content": "With regard to the integration of the East African Community, Kenya has always been in the lead. I want to thank the Chairman for taking the lead. If the other East African Community countries do not abide then we could ask them to check and amend their laws to be in conformity with what we are doing. At this rate, for business purposes and economic growth of our country, it is important that we allow our businesspeople to go outside this country. We should also allow others to come here for competition purposes now that we have taken that aspect of being the leaders. I thank the Committee for thinking about opening our borders and expanding business. The other bit is about ownership. I also want to thank the Committee for allowing Kenyans to be part of the ownership – not less than one-third should be Kenyans. I think that is good so that whatever benefit is accrued out of that business, it is reinvested in this country. We need to encourage our citizens. We know Kenyans are very hardworking and very good businesspeople. We need to involve them by enabling them have shares in these companies so that they do business. With regard to the punishment prescribed for people who do not abide by the law, it is important, through the office of the DPP to take charge and punish those people who contravene the Act. I know there are many people who have invested in the insurance industry although they do not have the knowledge. They have, however, brought the money in this industry. The aspect of introduction of professionalism in this industry and the moral aspect are welcome. We want to ask the Chairman not to lock out those Kenyans who have money. In future we could look at this matter and see how best to handle it. For instance, if you are an investor and you do not have the knowledge of the insurance industry then you could have managers who are capable of running the show. We should not lock out Kenyans who have money and they want to come to this industry just because they do not have knowledge. Let us allow them to employ professionals in that field who will then assist them. With regard to the reduction of the compensation period to 90 days, that is a welcome idea. If a person lodges his claim today, he or she will be sure that within 90 days he will be compensated. This will reduce the number of defaulters. If it takes long, say, five to ten years for a claim to be settled, the insurance company could go under and this will not be of benefit to the claimants. Lastly, I want to talk about the Policy Holder Compensation Fund. Whoever brought that idea in the Committee, if it is the Chairman, I want to thank him and his Members. It is a bright idea. I am saying this from experience because a friend of mine, a former prominent businessman in the public transport industry, went under because of an accident of only one vehicle. This is not because he had not made his part of the bargain. He had already paid his policy premium, but unfortunately, the insurance company with which he had taken the cover had gone under. So, the investor was ordered by the court to meet that cost and since then, he has never recovered. The Policy Compensation Fund is a very brilliant idea and it is going to assist the public."
}