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{
    "id": 699699,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/699699/?format=api",
    "text_counter": 124,
    "type": "speech",
    "speaker_name": "Hon. Kubai Iringo",
    "speaker_title": "",
    "speaker": {
        "id": 1574,
        "legal_name": "Cyprian Kubai Iringo",
        "slug": "cyprian-kubai-iringo"
    },
    "content": "Thank you, Hon. Speaker, for giving me this opportunity to give my contributions to this Bill. I rise to support this Insurance (Amendment) Bill. The aspects which are being addressed by this amendment are very pertinent and important. Insurance companies in this country have been known for supporting the most critical sector of our economy as far as shouldering the risks of our operations or the risks of life are concerned. At the same time, it is the industry which faces a lot of challenges because of the way it is handled by people who are not professional and who are out to cheat or defraud victims and they fail to pay them. We need stringent laws which will embrace all this and give strict and fundamental regulations, which will make sure that victims and insurance companies earn their rightful share of claims that come out. In this country, we have so many people who have been victims of accidents or other losses but when it comes to payment, they start spending most of their days in the corridors of courts and police stations trying to trace their rightful payments. This is because some of these insurance companies end up collapsing even before a case is decided. Some of them run down their companies or they close them so that they can run away from meeting the risks they have to undertake. A victim may lose a limp, die or lose property. When you trace that insurance company, with this Bill, the company has to be solvent and liquid. These are very important measures. An insurance company should have an annual audit to establish whether it qualifies to conduct insurance business. In such cases, we minimise the risk of people losing their compensation. I do not know the meaning of the word “ Takaful” . I am getting the explanation but Hon. Speaker, you have put it that it might end up into English books like the word “ ubwogable .” An interpretation which can be softer than this one would be welcome. All in all, the idea is welcome because the risk is spread. Therefore, the cost is minimised. Pooling together will also make the premiums to go down and, at the same time, minimise the risk and those people who need to be paid will be paid in time. The reduction of time is also quite welcome because a case might be decided or a claim put forward but because of the liquidity of the company - the company might not have the finances or they might be trying to run away from the victim - it takes too long. The law that was 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."
}