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{
    "id": 699675,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/699675/?format=api",
    "text_counter": 100,
    "type": "speech",
    "speaker_name": "Hon. Wakhungu",
    "speaker_title": "",
    "speaker": {
        "id": 1889,
        "legal_name": "Chrisantus Wamalwa Wakhungu",
        "slug": "chrisantus-wamalwa-wakhungu"
    },
    "content": "Thank you, Hon. Speaker. Indeed, this is a very important Bill. As we know, insurance cuts across all sectors. For you to succeed in any business, you must have insurance cover in place. The critical objective of this Bill, as we have been told, is the Takaful insurance, though it has been an issue for my friend here to pronounce it. I wish it would have been a different name as opposed to Takaful . The simple meaning of “ Takaful” is just to emphasise on the aspect of group participation so that the group guarantees others in case of any risk that might arise thereafter. Actually, it works like the Savings and Credit Cooperative Organisation (SACCO) model whereby people come together, have shares and guarantee one another. Insurance plays a very critical role as far as the life of everybody is concerned. It is not just business. Even when you are travelling to wherever, you must insure yourself against any risk that may arise afterwards. We must have some mitigating strategies in order to succeed. We appreciate the role of insurance. Hon. Speaker, the important thing about the Insurance (Amendment) Bill is that it ensures that insurance companies maintain 100 per cent capital adequacy ratio at all times. This is very important once a claim has been launched so that payment is done on time. We know that the law says that one must be compensated within 90 days, but this has not been happening. The good thing about this Bill is that it reduces the 90 days to 30 days. That means that the waiting time has been shortened. We have seen many victims visit the City from rural areas to seek or make a follow up on their payment and in the process they waste a lot of time. So, amending the Insurance Act will really help the victims because compensation will be done on time. I also want to comment on the IRA. This is a body that ensures compliance, adherence and supervision. So, it is important that the IRA pulls up it socks. We have many insurance firms which take long to compensate victims. It will be nice as time goes by that the IRA gives us an index so that we can know how insurance companies are ranked in terms of customer satisfaction, service delivery and on time payment. We should have that ranking so that insurance companies that do not adhere to that or comply can even be deregistered because people are suffering. For example, when it comes to motor vehicle insurance, you pay your money on time but when you have an issue, they do not compensate you on time. Hon. Speaker, my car had an accident four months ago but as I speak, the insurance company is just dilly-dallying. We are calling upon the IRA to do something. Though this takes care of concerns of the Muslim faith, the good thing about it is that it allows other people to enjoy the benefits. They are actually expanding the product portfolio. It is like a market place. In this case, you have a variety to choose from. I know that in the Muslim faith, the aspect of interest is minimised. That is a good thing about Takaful insurance. I am happy that Christians and other people from different faiths--- You The electronic version of the Official Hansard Report is for information purposesonly. A certified version of this Report can be obtained from the Hansard Editor."
}