Entry Instance

HTTP 200 OK
Allow: GET, PUT, PATCH, DELETE, HEAD, OPTIONS
Content-Type: application/json
Vary: Accept

{
    "id": 747554,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/747554/?format=api",
    "text_counter": 107,
    "type": "speech",
    "speaker_name": "Hon. Gaichuhie",
    "speaker_title": "",
    "speaker": {
        "id": 17,
        "legal_name": "Nelson Ributhi Gaichuhie",
        "slug": "nelson-gaichuhie"
    },
    "content": "Hon. Temporary Deputy Chairman, I beg to move: THAT, the Bill be amended by inserting the following clauses immediately after Clause 9- 9A. Section 41 of the principal Act is amended by inserting the following new subsection (3)- (3) The following assets shall neither be included in the capital available computation nor be used for the purposes of determining the insurer’s capital adequacy under this section- (a) goodwill and other intangible assets that exceed five per cent of total assets; (b) deferred tax income or expenses and deferred tax assets; (c) assets pledged to support credit facilities obtained by an insurer or other specific purposes; (d) assets over their concentration limits; (e) all credit facilities granted by an insurer and secured by its own shares; (f) prepayments; (g) one hundred per cent of fixed assets and computer equipment; (h) unsecured loans; (i) receivables from insurers; (j) merchandise inventory; (k) such other assets as may be prescribed. The import of this amendment is to make sure that assets shall not be included in the capital available, computation nor be used for the purpose of determining the insurance capital adequacy. This includes among other things the goodwill and other intangible assets that exceed 5 per cent of the total assets, deferred tax income or expenses and deferred tax assets and assets pledged to support credit facilities obtained by an insurance for other special specific purpose."
}