Aden Bare Duale

All parliamentary appearances

Entries 15661 to 15670 of 17799.

• 1 Oct 2013 in National Assembly: (Amendment) Act--- When the names were being laid on the Table, the House was full. Now that the names have been withdrawn because of some particular reasons, the House is empty. But this is a very important Bill. Hon. Temporary Deputy Speaker, Sir, one of the reasons why we have so many amendments to a number of laws is because we want to align them to the new Constitution. Secondly, the industry stakeholders or industry players are using these rules in a very competitive global environment. So, they want to catch up with what is happening in the rest of ... view
• 1 Oct 2013 in National Assembly: Clause 5 is amending Section 29 of the principal Act. Basically, this empowers the regulator to introduce new strategies or arrangements for risk mitigation, approval and supervisory purposes. view
• 1 Oct 2013 in National Assembly: Hon. Temporary Deputy Speaker, Sir, Clause 6 of this amendment Bill seeks to amend Section 54 of the principal Act. I am sure hon. Members can follow this if they have the principal Act. The new section states that it is an offence for insurance companies not to submit their annual financial report in the form and manner described by the principal Act. So, it gives more weight. It says that if you do not want to submit your annual financial reports, you will pay a penalty. view
• 1 Oct 2013 in National Assembly: Clause 7 seeks to amend Section 61 of the principal Act. Again, this one only reduces the period for insurance companies to submit their financial statements. Before, it was four months, but the amendment is reducing it to three months. We will know the reason why this is so. Maybe, this is to protect the customers. We must not agree with this as a House. We might agree with part of these amendments. We might also not agree with these amendments. We might introduce new sections at the Committee of the whole House. The electronic version of the Official Hansard ... view
• 1 Oct 2013 in National Assembly: Clause 8 seeks to amend Section 67 of the principal Act. Again, this empowers the Commissioner of Insurance to appoint competent people to be statutory managers. That is because there are cases where somebody who is not competent, does not have the know-how, the experience and the qualifications might be appointed as a statutory manager of a troubled insurance company. view
• 1 Oct 2013 in National Assembly: Hon. Temporary Deputy Speaker, Sir, it also clarifies the moratorium through which one may be declared a statutory manager. view
• 1 Oct 2013 in National Assembly: Clause 9 seeks to delete and insert a new sub-section called 68(A) in the principal Act. Again, this one empowers the Commissioner of Insurance to do assessments on the persons who are managing or who have a significant shareholding in an insurance company. More so, it is about governance. It creates a new governance structure to the Insurance Act. view
• 1 Oct 2013 in National Assembly: Clause 10 seeks to amend Section 146 of the principal Act. It deletes a whole sub- section 147(2). Whether we agree with these amendments or not, that will come at the Committee of the whole House stage. view
• 1 Oct 2013 in National Assembly: Clause 11 seeks to amend Section 153 of the Act. Again, this removes restrictions on foreign ownership of insurance companies. view
• 1 Oct 2013 in National Assembly: Clause 13 seeks to amend Section 170 of the principal Act. This is in line with a reformed Judiciary that we have, where the Insurance Tribunal is being equated with the status of a Resident Magistrate. view