GET /api/v0.1/hansard/entries/56614/?format=api
HTTP 200 OK
Allow: GET, PUT, PATCH, DELETE, HEAD, OPTIONS
Content-Type: application/json
Vary: Accept

{
    "id": 56614,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/56614/?format=api",
    "text_counter": 205,
    "type": "speech",
    "speaker_name": "Dr. Oburu",
    "speaker_title": "The Assistant Minister, Office of the Deputy Prime Minister and Ministry of Finance",
    "speaker": {
        "id": 194,
        "legal_name": "Oburu Ngona Odinga",
        "slug": "oburu-odinga"
    },
    "content": " Mr. Temporary Deputy Speaker, Sir, I beg to reply. (a) The insurance companies that are facing regulations and operation problems are as follows:- (i) Standard Assurance Company Limited which is under statutory management. (ii) United Insurance Company Limited which is also under statutory management. (b)The following measures have been put in place to protect persons who are insured by those companies should they face closure or liquidation. (i) The Commissioner of Insurance and the Chief Executive Office of the Insurance Regulatory Authority, with the approval of the Board of Directors, has exercised his powers pursuant to Section 67(c) of the Insurance Act Chapter 487 of the Laws of Kenya to intervene in the management of the companies. (ii) The statutory managers were appointed to take over the management, control and conduct the affairs of the companies in order to protect assets and ascertain liabilities of the companies. (iii) The managers have reported to the Commissioner on the status of the companies for the purpose of decision-making and a decision was made to lodge petitions for the winding up of the companies due to their insolvency. (iv) The Insurance Act has also established a Policy Holders’ Compensation Fund for the primary purpose of providing compensation to policy holders of insurers who are declared insolvent. The secondary purpose is that of increasing the confidence of the general public in the insurance sector. The establishment of the Fund was informed by the collapse of several insurance companies prior to the year 2005. The Fund is governed by Section 179 of the Insurance Act cap 487 and the Insurance Holders Compensation Fund Regulation 2010. (c) There are no insurance companies under special surveillance or supervision due to operational problems. The Insurance Regulatory Authority carries out continuous surveillance and supervision as part of its statutory mandate. Off site monitoring and on- site inspection of the insurance companies are useful to assess the compliance, challenges and the risk profiles of the companies. The intensity of the surveillance is dictated by the current situation of the companies and their ability to comply with the agreed compliance or risk mitigation plans. The companies under intensified surveillance change on a routine and situational basis."
}