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{
    "id": 934493,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/934493/?format=api",
    "text_counter": 852,
    "type": "speech",
    "speaker_name": "Nominated, JP",
    "speaker_title": "Hon. (Ms.) Cecily Mbarire",
    "speaker": {
        "id": 13166,
        "legal_name": "David Ole Sankok",
        "slug": "david-ole-sankok"
    },
    "content": "comply with the requirements of submission of financial returns, premium levy returns and claims payment returns to the Insurance Regulatory Authority. The proposed amendment is meant to enhance the ability of the Authority to assess the insurers and intermediary’s financial soundness and the ability to meet the interest of the policy holders. Currently, under the Insurance Act, a statutory manager who is appointed is expected to preserve the assets of the insurer that have been placed under statutory management. However, the Act does not define what amounts to preservation of assets. This has caused the statutory managers to rely on directions given by the courts resulting into wasting of such assets and incurring an economical cost in maintaining such assets. Therefore, the proposed amendment clarifies the preservation of assets to include realisation of such assets upon approval by the Authority."
}