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{
    "id": 871891,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/871891/?format=api",
    "text_counter": 170,
    "type": "speech",
    "speaker_name": "Kipkelion East, JP",
    "speaker_title": "Hon. Joseph Limo",
    "speaker": {
        "id": 1915,
        "legal_name": "Joseph Kirui Limo",
        "slug": "joseph-kirui-limo"
    },
    "content": " Thank you, Hon. Speaker, for giving me this chance to second the Insurance (Amendment) Bill. As I start, I want to say that this Bill, as my Vice-Chair has rightly said, is an amendment Bill which seeks to amend certain sections of the Insurance Act, to among others, bring stability to the insurance industry by dealing with various teething problems which they have been having. Without repeating myself, I want to say that we did public participation as required by the law. During our public participation, a number of stakeholders came before us, especially those who were really very active in the insurance industry, including some lawyers. One of them is Kipkenda and Company Advocates, which is one of the few legal firms which have participated in public participation especially in the Second session of Parliament. They have been contributing a lot and we encourage other legal players to come and help this country during legislation. The Constitution requires that one of the key ingredients in law-making is public participation. The other one was Bima Intermediaries Association of Kenya. Some insurance companies which came before us were APA Insurance Limited, Britam Holdings and the Association of Insurance Brokers of Kenya. We also had a presentation by the regulator, the Insurance Regulatory Authority, who came before us during public participation. This Bill proposes some very important changes to the insurance industry. I wish our farmers wherever they are could listen to what we will be talking about in this Bill. Farmers have suffered in this country. They have been suffering losses especially on livestock and failed crops due to inadequate rain or erratic rainfall. This Bill introduces what we are calling index-based insurance, which will enable insurance companies to deal with the compensation bit. It has been very difficult for insurance companies to deal with compensation when it comes to losses of crop or animals. It has been difficult to establish the value. When you plant maize and you lose in the 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."
}