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{
    "id": 934494,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/934494/?format=api",
    "text_counter": 853,
    "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": "Further, under the Insurance Act, the power of the statutory manager to declare moratorium does not extend to the protection of the policy holders from attachment, when an insurer is placed under statutory management. This has caused untold suffering to policy holders whose properties are always attached once a company is placed under statutory management. Therefore, the proposed amendment is meant to protect the policy holders from attachment by claimants when an insurer is put under statutory management. The Bill proposes to enable the Policy Holders Compensation Fund pay promptly the claimants once an insurer is put under statutory management or when the registration of the insurer is cancelled under the Insurance Act. The proposed amendment is meant to change the trigger for compensation by Policy Holders Compensation Fund from insolvency of the insurer. This is interpreted to mean when a liquidation order is made to place the company under statutory management or cancellation of registration. This proposed amendment is prompted by the fact that waiting for insolvency of an insurer to be declared by the court as a trigger has not been effective as no compensation has been made by the Fund since its establishment in 2004. Four insurers have been placed under statutory management."
}