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{
    "id": 871929,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/871929/?format=api",
    "text_counter": 208,
    "type": "speech",
    "speaker_name": "Nyeri Town, JP",
    "speaker_title": "Hon. Ngunjiri Wambugu",
    "speaker": {
        "id": 13460,
        "legal_name": "Martin Deric Ngunjiri Wambugu",
        "slug": "martin-deric-ngunjiri-wambugu"
    },
    "content": "have not received the premium. I think we are doing a great disservice to the insurance industry by passing a law like this. I think what we need to do is to create direct structures that indicate that this is the work of an insurance company. Their work is to undertake compensation for losses. This is the work of a brokerage firm. Brokerage company’s work is to advise. They get clients by giving the best advice. They do not make money by retaining premiums. The minute they retain premiums, they are hurting the insurance companies. They are weakening the insurance industry in the country. As far as I am concerned, I would not support the proposed amendments that are going to be brought by the Committee when they get back. I would strongly urge my colleagues to support the fact that we need to distinguish which money goes to who. Premiums need to go to insurance companies. I have not even heard anybody here talking about what brokers earn. When I listen to us speaking, I get the impression that we assume that brokers earn premiums. Brokers do not earn premiums. That money belongs to the insurance companies. That is the money that insurance companies collect so that they can give cover. If you are going to say that a broker can stay with that money for 30 days or for whatever number of days, then the insurance company has to take cover immediately, you are actually going against the basic natural laws of how insurance is supposed to work. It will be very sad if this House would endorse that kind of structure. What we will be doing is breaking a natural law of how the insurance industry is supposed to work. So, now I am stuck. I do not know whether I need to support the Bill as it is. The Bill as it is, is fine. The proposed amendments I hear are coming are what I do not agree with. So, I do not know whether I should say I support this current Bill as it is and oppose the amendments by the Committee."
}