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{
    "id": 699708,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/699708/?format=api",
    "text_counter": 133,
    "type": "speech",
    "speaker_name": "Hon. Shidiye",
    "speaker_title": "",
    "speaker": {
        "id": 2070,
        "legal_name": "Mohamed Muktar Shidiye",
        "slug": "mohamed-muktar-shidiye"
    },
    "content": "The insurance industry, as it is today, is riddled with a lot of problems. We have seen many insurance companies go under. This is because of poor governance, poor leadership and lack of integrity. It is high time the Insurance Regulatory Authority (IRA) came in to control this industry. We had insurance companies such as Blue Shield which went under because of bad management. We used to say that the Government was guilty of underhand dealings and corruption, but even in the private sector things are not very rosy. The issue of delays needs to be addressed. A period of 90 days to compensate claimants is far too long a long period. We need, say, 30 days so that people can benefit. Bureaucracy and inefficiency by insurance firms has caused untold sufferings to many Kenyans. We have seen most of them troop into this town looking for lawyers and companies that insured them. The insurance company salesmen are good sweet talkers. They give you heaven on earth when they are selling their various policies such as education and life policies. However, the day you need their assistance is the day you will know that you have lost. You realise that what they were telling you and the reality on the ground are completely different. Hon. Speaker, we must give the right laws. The insurance industry is growing and is, indeed, dynamic. We must understand the challenges the insurance industry is facing. We must legislate to save the interest of Kenyans. Time has come where the insurance companies must publish their balance sheets on an annual basis. They must tell Kenyans what they are doing. We have seen insurance companies that are basically pyramid schemes; they cheat and they have no money. By the time people realize the truth, that insurance firm is no more. This product is one that we have been waiting for. I heard Hon. Kaluma talk about"
}