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{
    "id": 871888,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/871888/?format=api",
    "text_counter": 167,
    "type": "speech",
    "speaker_name": "Roysambu, JP",
    "speaker_title": "Hon. Isaac Ndirangu",
    "speaker": {
        "id": 2701,
        "legal_name": "Isaac Waihenya Ndirangu",
        "slug": "isaac-waihenya-ndirangu"
    },
    "content": "We have also attempted to decriminalise the handling of premiums by insurance brokers. When you criminalise handling of premiums by insurance brokers, it means you are getting them out of business. Therefore, thousands of insurance brokers will be rendered jobless. So, we have to appreciate that some insurance brokers have sustained the insurance companies because they are able to reach clients in small and big enterprises and also carry out marketing. As a Committee of Parliament, we are begging not to be the ones killing the relationship between the underwriters and insurance brokers. Let no one put this relation asunder. They should continue to work together by ensuring that insurance brokers are allowed to handle premiums. However, we added a rider that a premium collected by an intermediary or cheque received shall be deposited and received by the insurer within 30 days of receipt by the intermediary. This is intended to cure the mischief of insurance brokers who receive premiums from clients, sometimes in liquid cash, but sit on it as if they are entitled to use that amount. It is true that in the insurance brokers industry, there are many quacks whose companies have gone under because every time they receive insurance premiums from clients, they speculate, put it to their own use or invest it elsewhere. Thereby, making insurance companies to register losses and accumulated premiums deficits. So, among our propositions is that any agent, insurance broker or intermediary who receives on some amount or premium on behalf of a company, will pay within 30 days. Failure to which, there will be sanctions as follows: That an intermediary who contravenes sub-section 4 shall be guilty of an offence, and shall pay a penalty equivalent to 20 per cent of the unlimited premiums on each contravention payable and this money will be payable to the policy holder compensation fund. The electronic version of the Official Hansard Report is for information purposes only. Acertified version of this Report can be obtained from the Hansard Editor."
}