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{
    "id": 736147,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/736147/?format=api",
    "text_counter": 102,
    "type": "speech",
    "speaker_name": "Hon. F.K. Wanyonyi",
    "speaker_title": "",
    "speaker": {
        "id": 2065,
        "legal_name": "Ferdinard Kevin Wanyonyi",
        "slug": "ferdinard-kevin-wanyonyi"
    },
    "content": "insurance companies to be able to be given their licences. This is very important because we have cases where an investor comes and is given a licence and those who are working there are not properly qualified. This amendment again is coming very clearly; that somebody who is the main player in that particular company or principal officer must be technically or professionally qualified to be able to run that particular insurance. Otherwise, we have had cases where staff are not qualified and the investor does not have qualified staff. Therefore, this amendment is coming up with technically qualified staff. Apart from that, the management must also be holding either a professional qualification or accounting as explained here. This will give confidence to whoever wants to take a claim from that particular company. We have cases where insurance companies are actually “briefcase” companies. They just move from one place to the other employing “briefcase” people. But now this particular Act says there must be premises where somebody can be able to verify that, actually, that particular insurance company is in existence. Again, that is very clear. One thing that is very impressive on this is the fact that you can take an insurance policy and you can get a licence on the same. You can get a loan or mortgage so long as it is not more 10 per cent of the sum insured. I think that is a good gesture. Therefore, I think this is going to bring some order. There will be people who will target insurance policies to do business. You could also have an overdraft and a loan. So, this amendment is timely. We should support and pass it within the shortest time possible. It is a straightforward one. Thank you for giving me the opportunity."
}