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{
    "id": 736113,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/736113/?format=api",
    "text_counter": 68,
    "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. I rise to support this Bill although I have some concerns. We know very well that insurance plays a very critical role in our lives. We insure ourselves for travel, medical and assets. Now we have insurance on crops, which are the livelihoods of Kenyans. We can only be assured of the future through insurance. This industry is very critical. We know very well that it is regulated by the Insurance Regulatory Authority (IRA). Unfortunately, this is a sector which needs close monitoring. One of the critical amendments that I have seen in this Bill is the issue of the removal of the annual licence. I am very concerned about this because you realise that one of the critical measures that IRA can take against any insurance which had performed contrary to the law, particularly when it comes to compensation, is to withdraw the renewal of the annual licence. However, if you propose that we are not going to have this annual renewal, we have a risk where after rogue insurance companies have realised there is no requirement for annual renewal, they might not play ball as per the requirements of the insurance sector. So, because of this amendment, it is important that IRA must do some close supervision and monitoring so that in case of any bad behaviour by rogue insurance companies, this is detected."
}