Aden Bare Duale

All parliamentary appearances

Entries 8001 to 8010 of 17810.

• 10 May 2017 in National Assembly: Hon. Speaker, I beg to move that the Insurance (Amendment) Bill 2017 be now read a Second Time. I hope Members of Parliament have gone through this Bill. I will give a brief for each of the proposed clauses in the Bill. This is just an amendment to the existing principal Act; the Insurance Act. view
• 10 May 2017 in National Assembly: Clause 2 of the Bill proposes to amend the Insurance Act by introducing new definitions of the terms “insurance groups”, which is a registered insurer and its subsidiary or an insurer’s holding company, whether operating or non-operating, and its subsidiary. It is dealing with more of the terminology and introducing a new term. This is mainly to give the insurance sector control over the insurer. Their activities are limited to holding of certain investments in their subsidiaries. It is dealing with how an insurance company and its subsidiary holding relate to one another, and how they raise funds to support ... view
• 10 May 2017 in National Assembly: Clause 3 of the Bill proposes to amend the Insurance Act in order to remove the requirement of the annual renewal of registration by insurers. This amendment is meant to introduce a perpetual licence for insurance. It removes this annual licence of insurance. Clause 4 of the Bill proposes to amend the Insurance Act in order to remove the requirement of renewal of registration by the insurance. This amendment is meant to introduce perpetual licence of insurance. Clause 5 of the Bill proposes to amend the Insurance Act by repealing Section 24 of the current principal Act which provided for ... view
• 10 May 2017 in National Assembly: Clause 7 of the Bill proposes to amend the principal Act to repeal Section 28 of the current Act in order to remove the requirement of the minimum assets in Kenya, which is currently assessed through the application of the capital charges in determination of what is the capital adequacy of an insurance company. The law is trying to deal with all this. It is to make sure that we create very stable and sound insurance companies that can protect the insurance rights of our citizens. So, Clause 7 of the Bill that is repealing is meant to align this ... view
• 10 May 2017 in National Assembly: tenets of the insurance industry, they cannot cancel your licence once your licence is issued under this section. Nobody can cancel it. view
• 10 May 2017 in National Assembly: Clause 9 of the Bill proposes an amendment under the Insurance Act to substitute the requirements under admitted assets and replace it with that of total assets. So, there is a difference between admitted assets and total assets. This amendment will enable the insurers to apply total assets in their determination when they want to do a determination of their capital adequacy as opposed to admitted assets. This requirement is also in line with risk-based capital. view
• 10 May 2017 in National Assembly: Hon. Speaker, Clause 10 of the Bill proposes an amendment under the Insurance Act to substitute the requirement of admitted assets and replace it with that of total assets. I think I have already said that. view
• 10 May 2017 in National Assembly: Clause 12 proposes an amendment to the Insurance Act to introduce a requirement of submission of group accounts to the Insurance Regulatory Authority by the insurance groups. They are now under obligation to provide their group accounts of the directors and the shareholders to the Insurance Regulatory Authority. This amendment is basically meant to facilitate the supervision of the insurance industry of insurance groups by the Authority under the wider groups’ supervision. view
• 10 May 2017 in National Assembly: Clause 14 proposes an amendment to the Insurance Act to remove the requirement for admitted assets in the determination of what we call Statutory Fund. This amendment will allow the insurance to apply total assets in determining the value of their Statutory Fund. Currently, they do not use admitted assets, but what they call total assets. view
• 10 May 2017 in National Assembly: Clause 15 of the Bill proposes an amendment to the Insurance Act to enhance criminal penalty for an intermediary who transacts an insurance business without a licence by creating what we call custodial sentence of one month. If you engage in an insurance business as an intermediary without a licence, that is a criminal act and there is a penalty or a custodial sentence of one month. So, this amendment is basically to assist the law enforcers to secure an attendance in court of suspects where necessary as they may be held in custody awaiting arraignment in court. Clause 15 ... view