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{
    "id": 933125,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/933125/?format=api",
    "text_counter": 345,
    "type": "other",
    "speaker_name": "",
    "speaker_title": "",
    "speaker": null,
    "content": "From the outset, as a country, we need to appreciate the importance of insurance business and the general life activities of the people of Kenya and humanity as a whole. The purpose of insurance is a risk transfer mechanism that whenever a person is faced with a peril that results in loss, there is somewhere he can transfer that risk to, so that it is assumed by another party that has the competence, resources and ability to mitigate the particular loss. The amendments that are being brought here are essentially to strengthen compliance, supervision and governance of the insurance business in this country. The Bill proposes various amendments to impose fines, sanctions and reprimand or a process that will ensure that the various players in the insurance sector, be they brokers, insurance underwriters and any party involved in the insurance business, comply with the rules. Specifically, the issue at play is the transfer of funds paid as premium to insurance brokers and insurance underwriters. This country is replete with cases where brokers collect premiums and do not remit them to the insurance underwriters. In the event the insured faces a loss or a claim, that is the moment they understand that truly, there was no proper insurance in place. We believe with these amendments, there will be adequate deterrence of that kind of behavior. Secondly, quite a number of insurance companies have become notorious. At the point of taking the insurance cover, they come with very sweet stories. They send to you very suave salesgirls and convince you to take an insurance cover and then you sign on the dotted line. Beneath those dotted lines are very invincible statements; exemptions that make it impossible for you to get a claim in the event of a loss. We believe that once this Bill is enacted, it will deal"
}