27 Feb 2019 in National Assembly:
Hon. Temporary Deputy Speaker, I beg to move that the House does agree with the Committee in the said Report. I also request Hon. Duale, the Hon. Leader of the Majority Party, to second the Motion for agreement with the Report of the Committee of the whole House
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27 Feb 2019 in National Assembly:
Hon. Temporary Deputy Speaker, I beg to move that the House does agree with the Committee in the said Report. I also request Hon. Duale, the Hon. Leader of the Majority Party, to second the Motion for agreement with the Report of the Committee of the whole House
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14 Feb 2019 in National Assembly:
Thank you, Hon. Speaker. It is true I was on my feet on the last sitting day of the second Session.
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14 Feb 2019 in National Assembly:
Hon. Speaker, I beg to move that the Insurance (Amendment) Bill No. 21/2018 be now read for a Second Time.
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14 Feb 2019 in National Assembly:
Hon. Speaker, I would like to keep Hon. Members abreast of this Bill by informing them that the insurance industry in Kenya has an asset base of about Kshs624 billion as at close of the year 2018/2019, and it is growing annually by the rate of about 100 million. The electronic version of the Official Hansard Report is for information purposes only. Acertified version of this Report can be obtained from the Hansard Editor.
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14 Feb 2019 in National Assembly:
The insurance industry is regulated by the Insurance Regulatory Authority (IRA), which is a State corporation whose mandate is to regulate, supervise and promote the development of the insurance industry in Kenya. The key players that are regulated by that authority are underwriters who are the main insurance companies, brokers, agents, motor assessors, insurance investigators, insurance surveyors, loss adjusters, claim settling agents and other risk managers.
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14 Feb 2019 in National Assembly:
Hon. Speaker, insurance today in the new millennium is also regarded as a factor of production adding to the other three which are land, labour and capital. In the same industry, we have important players called the insurance brokers who number over 4,000 in this country.
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14 Feb 2019 in National Assembly:
This Bill was brought into the House to streamline the operations and the relationship between the underwriters who are the main insurance companies and their counterparts who trade together, and who are the insurance brokers and agents.
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14 Feb 2019 in National Assembly:
Hon. Speaker, I would like to generally take my colleagues through the clauses that needed to be amended and their import.
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14 Feb 2019 in National Assembly:
We have Clause 2 which is generally the introduction of new definitions. Clause 3 provides for the supervision of insurance companies and groups, Clause 4 removes the requirements of the approval of the Cabinet Secretary before the Commissioner of Insurance issues directives. The board as mandated by Section 31 is to approve application for registration. Also, there are amendments that are going to create offences related to the insurance industry.
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