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{
    "id": 736096,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/736096/?format=api",
    "text_counter": 51,
    "type": "speech",
    "speaker_name": "Hon. A.B. Duale",
    "speaker_title": "",
    "speaker": {
        "id": 15,
        "legal_name": "Aden Bare Duale",
        "slug": "aden-duale"
    },
    "content": "Clause 7 of the Bill proposes to amend the principal Act to repeal Section 28 of the current Act in order to remove the requirement of the minimum assets in Kenya, which is currently assessed through the application of the capital charges in determination of what is the capital adequacy of an insurance company. The law is trying to deal with all this. It is to make sure that we create very stable and sound insurance companies that can protect the insurance rights of our citizens. So, Clause 7 of the Bill that is repealing is meant to align this Act with the requirement of the risk-based capital. If you look at Clause 8 of the Bill, it proposes an amendment to the Insurance Act to introduce a new Subsection 2A which provides that a licence issued under this section shall remain in force until cancelled under the Act. What does that mean? This amendment is meant to allow licences issued by the Insurance Regulatory Authority to remain in force until cancelled and to remove the requirement of annual licensing of insurance. That is because you do not create bottleneck bureaucracy that you go back to the regulator every year to get those licences. So, until and unless the Insurance Regulatory Authority finds that you have violated serious 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."
}