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{
    "id": 934500,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/934500/?format=api",
    "text_counter": 859,
    "type": "speech",
    "speaker_name": "Kipkelion East",
    "speaker_title": "Hon. Joseph Limo",
    "speaker": {
        "id": 1915,
        "legal_name": "Joseph Kirui Limo",
        "slug": "joseph-kirui-limo"
    },
    "content": "This Bill has also come up with a very good way of protecting policy holders. Currently, if you have taken a policy and it happens that the company which gave you the cover is under statutory management, the claimants will come for you instead of them waiting for the statutory manager to give the way forward. The current law opens up a Pandora’s box where the claimants, if you are involved in an accident, will come for your property if the insurer is placed under statutory management. This law is coming in handy to protect the policy holder. Their property will never be attached if the insurer is placed under statutory management. At the same time, when the insurer is placed under statutory management, the law requires that the policy holders are compensated by way of charging Policy Holders Compensation Fund, but there is a stringent long process which goes through the courts for you to access that Fund. In fact, it takes ages for anyone to get compensation from the Policy Holders Compensation Fund. This Bill now requires that as soon as the insurer goes under statutory management, any policy holder who has a claim or is awaiting compensation will be compensated immediately and that compensation is charged to the Policy Holders Compensation Fund."
}