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{
    "id": 699682,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/699682/?format=api",
    "text_counter": 107,
    "type": "speech",
    "speaker_name": "Hon. (Ms.) Muhia",
    "speaker_title": "",
    "speaker": {
        "id": 968,
        "legal_name": "Wanjiku Muhia",
        "slug": "wanjiku-muhia"
    },
    "content": "Thank you, Hon. Speaker. First, I support this Bill because it is a regulatory framework for prudential standard and code of practice in the insurance industry. Most importantly, it is for the benefit of the country if there is an increase in business. This is because insurance is one way of increasing businesses. It will also increase job opportunities, particularly for actuarial students. There are several actuarial students who graduate but since the insurance industry has not expanded, they do not have jobs. This is an industry that will grow and create job opportunities. There is a prescribed capital adequacy ratio for somebody doing insurance business in Kenya. This is very important because once the capital required by an insurer is determined by the regulatory Authority, consumers will not stand the risk of an insurance company becoming insolvent and occasion them loses in terms of their interests. I am looking at the effectiveness and efficiency that will be attained by these insurance companies once the claim settlement period is reduced. However, even though the regulation is reducing the 90 days to 30 days, I am not sure that even the 90 days requirement ever worked. Will reducing this period to 30 days really work? With the growth of business globally, it is mandatory that insurance companies become effective and efficient so that the 30 days requirement can work. This has caused claimants to carry the big burden of stress and depression for disagreeing with insurance companies and waiting for compensation for many years. This has also discouraged other Kenyans from taking insurance covers. With the passage of this Bill, the insurance industry will be amicable, friendly and real, especially because claims will be paid after 30 days after they are lodged. Many Kenyans will insure their goods, businesses and their lives. The expansion of the industry will not only grow business but will also create jobs and grow the economy of our country and revenue collection. The issue of management and mitigation of risks will also be addressed once these people come together."
}