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{
    "id": 871889,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/871889/?format=api",
    "text_counter": 168,
    "type": "speech",
    "speaker_name": "Roysambu, JP",
    "speaker_title": "Hon. Isaac Ndirangu",
    "speaker": {
        "id": 2701,
        "legal_name": "Isaac Waihenya Ndirangu",
        "slug": "isaac-waihenya-ndirangu"
    },
    "content": "Equally, there are insurance companies and underwriters who delay to pay commissions to the insurance brokers. We have recommended to subject them to Section 156(a), which proposes that an insurer shall pay an intermediary an insurance commission within 30 days of receipt of premiums. The import of this is to compel insurance companies and underwriters who delay commissions up to two or three months to pay the insurance brokers who have taken business or premiums to them to ensure that they pay up the commissions within 30 days. So, we have said that what is good for the goose is also good for the gander such that insurance companies and brokers will operate in mutual understanding and respect according to their slogan of utmost good faith, also known as Uberrimae Fidei. The perennial problem of outstanding premiums has led to financial instability and some of the insurance companies have gone under. The cause of these companies going under is chiefly because insurance brokers who brokered their premiums did not remit the money or premiums from the clients as they were supposed to do. We have also recommended in this Bill that all queries and complaints to the insurance industry shall be in a written form. Another requirement that we have put in the Bill is that insurance industry and its clients can connect. You can obtain premium through an electronic contract unlike before when you had to go and write a policy with the insurance broker or the company. This will enable the companies to reach many people and reduce costs of doing business. These are among the highlights of this Bill and many more will be said by my distinguished Chair, who I am calling to second the Bill. With that, I beg to move."
}