Peter Kenneth

All parliamentary appearances

Entries 271 to 280 of 438.

• 9 Nov 2006 in National Assembly: Mr. Speaker, Sir, I beg to reply. (a) A total of Kshs870,810 has been raised from the sale of Kenya National Assurance 3550 PARLIAMENTARY DEBATES November 9, 2006 Company Limited assets. (b) The receiver manager has not paid any claims due to insufficient funds. However, the KNAC (2001) Limited has paid surrender value of the pension benefits to the former employees of the KNAC Limited. The company has also paid institutional claimants and individual policy holders. The breakdown of the claims paid is as follows:- KShs. (a) Former staff of Kenya National Assurance Limited - 230,927,470.00 (b) Other policy holders ... view
• 9 Nov 2006 in National Assembly: Mr. Speaker, Sir, there was a court order on 22nd March, 2002, shifting the closed Life Fund of Kenya National Assurance Company (KNAC), which was in liquidation, to the Kenya National Assurance Company 2001, together with all its assets and actuarial liabilities. Following the said transfers, the new company took assets amounting to Kshs2.2 billion and actuarial liabilities of Kshs3.9 billion. Mr. Speaker, Sir, there was a deficit of Kshs1.699 billion in the Fund, which was dealt with by the infusion of funds by the Government to the company. The assets of the company have not been sold. The assets ... view
• 9 Nov 2006 in National Assembly: Mr. Speaker, Sir, the KNAC 2000 is a parastatal and is not owned by anybody. It is owned by a guarantee by the Treasury, and it is where the life funds were transferred to. That is why I said that there are actuarial liabilities amounting to Kshs3.9 billion that were taken over to ensure that all life policy holders are paid when these assets are sold. view
• 9 Nov 2006 in National Assembly: Mr. Speaker, Sir, the hon. Member does not know for sure, because the Managing Director of the company is Mrs. Agnes Ndirangu, who is the Deputy Commissioner of Insurance. view
• 9 Nov 2006 in National Assembly: The directors are Kenyans. Maybe the hon. Member is alluding to the first Manager of the KNAC 2001, who was a Zimbabwean and who has since left. view
• 9 Nov 2006 in National Assembly: Mr. Speaker, Sir, first of all, the issue of liquidating a company that does both general and life insurance is separate from normal liquidation. The general assets of the company, where motor vehicles are left in, were left with the official receiver, who was Mr. Omondi Mbago at that time. What was transferred, because that is where the money is and the assets were for life business, were the life policies and pensions. That is what was transferred to a new company to make a clear separation of what was under the general account and what was under the life ... view
• 9 Nov 2006 in National Assembly: Mr. Temporary Deputy Chairman, Sir, I just want to clarify that it is not an issue of incompetence. The Insurance (Amendment) Bill that is before the House is purely for two items: One--- view
• 9 Nov 2006 in National Assembly: Mr. Temporary Deputy Chairman, Sir, if I have to declare my interest, Mr. Okemo is chairman of an insurance brokerage. As the saying goes, those who live in glass houses must not throw stones. So, if he wants to throw stones, he should know where to throw them. All I am telling the House is that--- view
• 9 Nov 2006 in National Assembly: You have ruled that I should be heard. view
• 9 Nov 2006 in National Assembly: Mr. Temporary Deputy Chairman, Sir, I discussed this matter with the Chairman of the Committee on Finance, Planning and Trade. The Bill before the House is for starting an Insurance Regulatory Authority. As for things to do with the industry, they have to be on-going, especially in creating a Kenyan-owned industry of which Mr. Okemo is a subscriber. I think it is a good thing. view