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{
    "id": 933139,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/933139/?format=api",
    "text_counter": 359,
    "type": "speech",
    "speaker_name": "Garissa Township, JP",
    "speaker_title": "Hon. Aden Duale",
    "speaker": {
        "id": 15,
        "legal_name": "Aden Bare Duale",
        "slug": "aden-duale"
    },
    "content": "amendment to the Insurance Act, mainly touching on one or two aspects. That aspect is, one, to introduce a provision for the protection of policy holders where the insurer is in distress and the assets are put in statutory management. That is in the event that the insurer gets serious financial implication or is in distress. Then, there must be a way to put in place statutory management. It also empowers the Insurance Regulatory Authority (IRA) to prescribe the manner of submission of various kinds of returns. All insurance companies are under obligation to make returns. That is also provided for. It shall be payable into the Policy Compensation Fund. So, it is also creating that Fund. This Bill will be one of the few Bills with few amendments. The Report of the Committee is available. That is why there are not less than five Members who contributed. It is not because there are issues, but it is a small Bill that the Cabinet Secretary for the National Treasury felt it is necessary when he was presenting the Budget Highlights for the Financial Year 2019/2020 to the House on 15th June 2019. I beg to reply."
}