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{
    "id": 871941,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/871941/?format=api",
    "text_counter": 220,
    "type": "speech",
    "speaker_name": "Kwanza, Ford-K",
    "speaker_title": "Hon. Ferdinand Wanyonyi",
    "speaker": {
        "id": 2065,
        "legal_name": "Ferdinard Kevin Wanyonyi",
        "slug": "ferdinard-kevin-wanyonyi"
    },
    "content": "or agent of an insurer has received money from whoever he has advised to get insurance… They are basically salesmen; they go looking for business. Once you pay, 30 days is too long. They can divert that money elsewhere, given the economy is now doing very badly. So, we should give them as less as 10 days within which they are supposed to have remitted the money to the insurer so that we do not have this problem. I think 30 days is too long. There is temptation of thinking you will get some money to replace that and then you realise you are not able to get the money within the 30 days and so the money is not remitted. You would find the person who looked for the insurance is actually at risk of losing the whole business. So 30 days are too many. We should give them a week. Once you get the money you should be able to remit it within a week. The underwriters should be able to pay the so-called agents or brokers within the time the Committee has suggested, the 30 days, failure to which they should pay a penalty as well, so that brokers are also in business. I know of some young man who is a broker for some big insurance company and he has not been paid for six months yet he has been remitting money. So, 30 days for underwriters to be able to pay brokers is reasonable timeframe. If we do that and have discipline, the question of insurance, like some insurance companies going under because of relaxed rules of the game, will be a thing of the past. Therefore, there will be some sanity and certainty in the insurance industry rather than what we see today where insurance has problems because underwriters do not remit money and the insurance companies do not pay the insured. Given the dishonesty with brokers, we should be able to discipline them and have a proper way of doing insurance business. Otherwise, in the Third Reading we should be able to come up with amendments that will bring sanity in the insurance industry. With those few remarks, I also want to congratulate you and thank you for coming back and making Kenya a bigger country than it was the other day."
}