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{
"id": 1521402,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1521402/?format=api",
"text_counter": 283,
"type": "speech",
"speaker_name": "Hon. Martha Wangari",
"speaker_title": "The Temporary Speaker",
"speaker": {
"id": 13123,
"legal_name": "Martha Wangari",
"slug": "martha-wangari"
},
"content": " Thank you very much. Member of Njoro, proceed."
},
{
"id": 1521403,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1521403/?format=api",
"text_counter": 284,
"type": "speech",
"speaker_name": "Njoro, UDA",
"speaker_title": "Hon. Charity Chepkwony",
"speaker": null,
"content": " Once again, thank you very much for granting me the opportunity to contribute to the Insurance Professionals Bill of 2024. My neighbour from Molo Constituency, which borders my Njoro Constituency, has spearheaded this. It is a fantastic professional Bill. As I reviewed the presentation, it became clear that this Bill will enable Kenyans to work with insurance companies with greater confidence. We have faced numerous challenges in this sector, and this Bill addresses many of them. When Kenyans want to learn about insurance matters, where do they go? Currently, if someone from Turkana, Nakuru, northern Kenya, or the coastal regions wants to study insurance, their only option is the Nairobi College The electronic version of the Official Hansard Report is for information purposesonly. A certified version of this Report can be obtained from the Hansard Editor."
},
{
"id": 1521404,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1521404/?format=api",
"text_counter": 285,
"type": "speech",
"speaker_name": "Njoro, UDA",
"speaker_title": "Hon. Charity Chepkwony",
"speaker": null,
"content": "of Insurance. This Bill seeks to empower Kenyans in their respective constituencies by allowing institutions like Technical and Vocational Education and Training (TVET) colleges, universities, and other registered educational organisations to offer insurance education. This will make it easier for Kenyans across the country. Another key benefit of the Bill is its emphasis on clear structures that are simple in communication and better accountability. We have faced significant challenges in this country, where Kenyans insure their properties but struggle to receive compensation when accidents occur. Often, the brokers and legal representatives involved are difficult to trace as we do not know the locations from which they operate. We realise the very last minute when Kenyans have gotten some challenges. This Bill will help Kenyans identify trustworthy professionals to work with on insurance matters. Many have lost money and property due to dubious insurance firms. Just as we have professional marketers, myself being one, we need well-regulated insurance professionals guided by the law. This Bill also addresses cross-border issues. For instance, what happens when a Kenyan travelling to Uganda or Tanzania is involved in an accident with a foreign vehicle in a foreign country? This Bill ensures that professionals in Kenya and the East African region are covered and, therefore, it will assist us. Additionally, the Bill establishes the Insurance Institute of Kenya. The professional body will guide the sector and establish the right procedures and processes to ensure good conduct and instill discipline in this country. This year, I also had a challenge when I wanted to renew my insurance. I did not tell the people where I went to renew who I am. Someone claimed they could not insure my vehicle because of a claim against it. That was a pure lie. Therefore, I expect this Bill to bring transparency, proper communication and the right information. When Kenyans encounter a problem, they realise they lack the right information. Sometimes, there is hide and seek. Therefore, Kenyans suffer a lot."
},
{
"id": 1521405,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1521405/?format=api",
"text_counter": 286,
"type": "speech",
"speaker_name": "Njoro, UDA",
"speaker_title": "Hon. Charity Chepkwony",
"speaker": null,
"content": "We support this Bill that was brought by Hon. Kimani Kuria. It is now our responsibility to find where we can improve it so that Kenyans benefit from it. Thank you very much for giving me this opportunity. The Committee led by Hon. Kimani Kuria has done good work."
},
{
"id": 1521406,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1521406/?format=api",
"text_counter": 287,
"type": "speech",
"speaker_name": "Hon. Martha Wangari",
"speaker_title": "The Temporary Speaker",
"speaker": {
"id": 13123,
"legal_name": "Martha Wangari",
"slug": "martha-wangari"
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"content": " Thank you very much. Member for Eldas, Hon. Keynan."
},
{
"id": 1521407,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1521407/?format=api",
"text_counter": 288,
"type": "speech",
"speaker_name": "Eldas, JP",
"speaker_title": "Hon. Adan Keynan",
"speaker": {
"id": 41,
"legal_name": "Adan Wehliye Keynan",
"slug": "adan-keynan"
},
"content": " Thank you, Hon. Temporary Speaker. I am a Member of the Committee, and this Bill has come at a time when this country is faced with many challenges. The insurance sector is critical to our economic stability by providing financial security against risks and uncertainties. That is the very basic definition of insurance. First, I must admit that I have an interest in this sector. It was the first sector that gave me an opportunity to eke a living when I left university, so it is an area that I am very familiar with and fond of. In Kenya, the industry has witnessed significant growth, necessitating the establishment of a robust regulatory framework to uphold professionalism and integrity and safeguard consumers against many risks."
},
{
"id": 1521408,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1521408/?format=api",
"text_counter": 289,
"type": "speech",
"speaker_name": "Eldas, JP",
"speaker_title": "Hon. Adan Keynan",
"speaker": {
"id": 41,
"legal_name": "Adan Wehliye Keynan",
"slug": "adan-keynan"
},
"content": "This industry has been associated with fraud and many other illegal street activities. It is only fair that at this time, in this modern-day Kenya, the critical activities in the sector must be predictable, measurable, practical and value-driven. This is what the sector lacks. This Bill attempts to provide this, and I therefore recognise this need. Recognising this need, the Bill seeks to institutionalise the regulatory framework for the entire insurance industry profession through a structured oversight mechanism. Over the years, like in other sectors, many players in this sector have resisted coming under one structured professional entity, and we understand the reasons. The electronic version of the Official Hansard Report is for information purposesonly. A certified version of this Report can be obtained from the Hansard Editor."
},
{
"id": 1521409,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1521409/?format=api",
"text_counter": 290,
"type": "speech",
"speaker_name": "Eldas, JP",
"speaker_title": "Hon. Adan Keynan",
"speaker": {
"id": 41,
"legal_name": "Adan Wehliye Keynan",
"slug": "adan-keynan"
},
"content": "The Proposed Bill also represents a significant step towards strengthening Kenya's insurance sector by instituting regulatory oversight, enhancing professionalism and protecting consumers. One of the seven principles of insurance is that you must act in utmost good faith. Can this be defined? Can it be quantified in modern-day Kenya? It is difficult. The second principle is that you must indemnify the consumer, the person taking a cover. The other principle is that it must also contribute to the welfare of that particular individual and the particular insurer. The other principle is that it must minimise loss. That is why we take insurance coverage so that in case this happens, one must get a return. For that to happen, both the insurer and the consumer must have some understanding. Previously, it was in good faith. Can that continue in this modern day, where Artificial Intelligence and all kinds of groupings have taken over the global business system? Another principle is that you must have an insurable interest. This is why it has been a debatable issue in modern-day Kenya. Addressing these implementation gaps or reality gaps, we must also admit that the Kenyan public is so much informed. The atmosphere is pregnant with certain expectations when we talk about the benefits in a certain sector. That expectation must be met by the sector through a legally acceptable mechanism by the professionals. This is one thing that we have struggled to do. Therefore, addressing these implementation gaps requires a robust dispute resolution mechanism that will be crucial in realising the full potential of having an insurer. I commend those who have contextualised this brilliant idea. These refinements to the Bill will effectively transform the insurance landscape, fostering a trustworthy, efficient, locally and globally competitive industry. Once this is done, it will provide employment opportunities for many Kenyans and contribute to their economic well-being. It will make Kenya an investment destination. Insurance attracts a lot of capital investment in what I can call 'hot' money. You must have heard this: individuals with more resources look for areas where they can invest. The Bill provides for the regulation of insurance professionals. They are just like other professionals. Lawyers have the Law Society of Kenya; accountants, architects and engineers also have their associations. Professionals in the insurance industry have resisted over the years to come under one professional entity. The Bill proposes to establish three critical regulatory entities: the Insurance Institute of Kenya, the Insurance Professionals Examination Board, and the Registration of Insurance Professionals Committee. These entities will not only examine, register and regulate insurance professionals to uphold ethical conduct and mandate industry standards but will also formalise structures. Practitioners must adhere to these standards and structures in their everyday professional engagement. Secondly, the Bill also attempts to establish professional standards. You will notice that every quack with a piece of paper can go to the streets and talk to a motor vehicle owner or an individual struggling to have a life or medical insurance. Individuals must meet certain professional standards. This means you are expected to undertake a minimum professionally driven, centred and orientated examination to understand the dynamics of that particular sector. It will not be a free-for-all industry where every person is expected to carry a business card and a bag and then pretend to be an agent of any particular entity. I am glad that this is proposed in the Bill. This being a financial sector, professionalism and adherence to ethical codes are paramount. By mandating stringent qualification criteria and continuous oversight, the Bill aims to elevate the level of confidence, competence and integrity among insurance professionals like in any other critical financial profession. Once done, it will foster confidence in the sector, reinforcing credibility. As I said, one of the principles of insurance is to act in utmost good faith. I think this only happens in certain societies, and it is slowly waning because of the changing dynamics of the human race. This will reinforce the credibility of a sector largely driven by acting in good faith. The electronic version of the Official Hansard Report is for information purposesonly. A certified version of this Report can be obtained from the Hansard Editor."
},
{
"id": 1521410,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1521410/?format=api",
"text_counter": 291,
"type": "speech",
"speaker_name": "Eldas, JP",
"speaker_title": "Hon. Adan Keynan",
"speaker": {
"id": 41,
"legal_name": "Adan Wehliye Keynan",
"slug": "adan-keynan"
},
"content": "The third component of this Bill is consumer protection. What safeguards do we have for the many vulnerable insurance seekers? A well-regulated insurance industry directly benefits the consumer. This makes the Kenyan insurance industry competitive in Kenya, regionally, and globally. This is one status that Kenya has been attempting to acquire over the years. This will minimise the risk of fraud, misrepresentation and malpractices. The Bill attempts to ensure that only qualified insurance professionals are allowed to practise. Hon. Temporary Speaker, the other bit is industrial growth. What do we expect from this Bill? Kenya has a struggling economy. We are not supposed to be where we are today. We are supposed to be a leading nation in every sector. The insurance sector is one of the critical components that has also been struggling. Therefore, this regulatory framework that emphasises professionalism and ethical conduct catalyses sector growth. By instilling sector confidence and fostering best practices, the Bill attempts to position Kenya as a critical insurance sector in Kenya, East Africa, South of Sahara, the African continent and globally. This is the status that each of us must be proud of. However, there are certain gaps that we must also look at. How is this generous institution…"
},
{
"id": 1521411,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1521411/?format=api",
"text_counter": 292,
"type": "speech",
"speaker_name": "Hon. Martha Wangari",
"speaker_title": "The Temporary Speaker",
"speaker": {
"id": 13123,
"legal_name": "Martha Wangari",
"slug": "martha-wangari"
},
"content": " Your time is up. I will give you one minute to wind up."
}
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