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"id": 56617,
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"type": "speech",
"speaker_name": "Mr. Baiya",
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"legal_name": "Peter Njoroge Baiya",
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"content": "Mr. Temporary Deputy Speaker, Sir, we know clearly that one of the criteria for allowing insurance companies to continue operating in the country is to protect the members of the public from liabilities, which are supposed to be covered by these companies. Is it in the public interest that we should allow insurance companies to continue operating when they cannot meet their liabilities in respect of third parties? Some are filing suits to stop prosecution, not because the claims are anything, but because they have serious liquidity challenges. Why can the Insurance Regulatory Authority (IRA) not take action immediately and have them wound up if they are not in a position to sustain their businesses?"
}