Hon Anthony Kimani Ichung'Wah

All parliamentary appearances

Entries 3141 to 3150 of 3232.

• 17 Oct 2013 in National Assembly: (i) in subsection (4) by deleting all the words after the words ‘the Companies Act’; (ii) by deleting subsection (5) (iii) by deleting subsection (7) and substituting therefor the following subsection- (7) an auditor who fails to comply with any requirement under this section shall be guilty of an offence and liable to a fine not exceeding two hundred thousand shillings. view
• 17 Oct 2013 in National Assembly: The reason for moving this amendment is very simple; it is that Section 56 of the Insurance Act, Cap.487, says that:- “For the purpose of this section, every insurer shall appoint annually an auditor qualified under Section 161 of the Companies Act and approved by the Commissioner”. All I am seeking to do with the first bit by deleting all the words after “the Companies Act” is to remove the question of auditors being approved by the Commissioner of Insurance. This is principally because in the past the provision has been misused by the office of the Commissioner of Insurance ... view
• 17 Oct 2013 in National Assembly: superhighway for corruption. All you need to do is have a cartel of certain audit firms conspiring with officers at the Regulatory Authority and all business will end up going to them. I propose that we have the new subsection (7) that an auditor who fails to comply with any requirement under this section shall be guilty of an offence and liable to a fine not exceeding Kshs200,000. That would be adequate punishment for any auditor who fails to comply with the requirements of the Act. view
• 17 Oct 2013 in National Assembly: Hon. Temporary Deputy Chairlady, I am in agreement. All we want to do is to make sure that we are not again preventing the office of the Regulator from being able to enforce regulations that relate to the audit of insurance companies. Since Section 67(2) of this Act has other provisions that punish auditors who may contravene any of the provisions of the Act in the course of their work as auditors, I am agreeable. I had only been conservative with a figure of Kshs200,000, but even Kshs1 million for an auditor who is working for an insurance company is ... view
• 17 Oct 2013 in National Assembly: Hon. Temporary Deputy Chairlady, I think the hon. Member’s observation is good but, indeed, as I pointed out under Section 67(2) of the principal Act, there are offences that have been stipulated there, and there is actually a jail term in addition to the penalty. So, the penalty will be in addition to the jail term. view
• 17 Oct 2013 in National Assembly: Hon. Temporary Deputy Chairlady, I totally agree because it removes the ambiguity of “or deemed to have come into operation” and actually comes into operation. view
• 17 Oct 2013 in National Assembly: ( Question, that the words to be inserted be view
• 17 Oct 2013 in National Assembly: 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. view
• 17 Oct 2013 in National Assembly: seconded. view
• 17 Oct 2013 in National Assembly: Thank you hon. Temporary Deputy Speaker, Sir. Just in very few words, I want to thank hon. Members of Finance, Planning and Trade Committee. I did appear before this Committee to articulate the issues that I had about the Insurance Industry, and they were not only receptive, but were also very supportive of the amendments that I proposed. I want to say that these amendments go a long way into correcting past mistakes that have been in the insurance industry. Hon. Temporary Deputy Speaker, insurance is a matter that touches on the lives and property of all Kenyans. Therefore, the ... view