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{
    "id": 736131,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/736131/?format=api",
    "text_counter": 86,
    "type": "speech",
    "speaker_name": "Hon. Maanzo",
    "speaker_title": "",
    "speaker": {
        "id": 2197,
        "legal_name": "Daniel Kitonga Maanzo",
        "slug": "daniel-kitonga-maanzo"
    },
    "content": "It has even improved now to a level where there is group insurance for health where villagers can come together and be insured through their own self-help groups. It has also gone to funeral insurance. People are now insuring their own funerals. This has expanded and has borrowed from the experiences of western and developed countries where cultures are different. For that matter, we need a law closer home which can deal with aspects of our own people in their circumstances so that the licensing is important. The moment you do not have a proper licence, many insurance companies will mushroom. In addition, the issue of capital is important. That is because the insurance companies which have sunk so far have caused a lot of pain to Kenyans. In fact, one time, I was acting for an insurance company which went under statutory management and lost quite a lot of money in terms of legal fees. I believe many other Kenyans lost in terms of awaiting compensations. Funny enough, none of those statutory managements have managed to bring back a company on its feet and have liquidity to serve people who have lost. There are many Kenyans who have lost in that regard. It is good to enhance their penalties for operating without registration, operating fraudulently or without proper capital. They should be placed under constant check and monitoring. That is very important. I believe this is for the benefit of Kenyans. I would like to support it and urge Members of Parliament to support these amendments. We will be thinking of more amendments at the Third Reading so that we can even make it better after this debate. I hope that ideas will come out better and we will have these regulations on insurance going on well."
}