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{
    "id": 804924,
    "url": "http://info.mzalendo.com/api/v0.1/hansard/entries/804924/?format=api",
    "text_counter": 202,
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    "content": "(Individual Retirement Benefit Schemes) Regulations and the Retirement Benefits (Occupational Retirement Benefit Schemes) Regulations in order to provide for establishment of a medical fund into which members can contribute during their working life and the same can be used to purchase medical cover upon retirement. To further promote this policy and support universal healthcare under The Big Four Plan, I propose to introduce amendments to the same Regulations to allow members who are unable to build medical funds during employment to utilize a portion of their retirement benefits for post-retirement medical cover. I further exempt the same Fund from the Retirement Benefit Levy in order to boost the members’ contribution. The Kenyan insurance sector has heavily relied on traditional indemnity based insurance which has had challenges due to the requirement for assessment of losses to be conducted before any payment is made. This has led to low uptake of agricultural insurance. In order to provide an alternative to the indemnity based insurance, I propose to amend the Insurance Act to introduce index based insurance which will lead to higher uptake of insurance by our farmers. Further, we have witnessed increased instances of insurance fraud in the insurance sector mainly due to lack of adequate provisions to govern the sector. In this regard, I propose to amend the Insurance Act to introduce provisions to criminalise insurance fraud and protect consumers. The current provisions of the Insurance Act allow the insured to pay for insurance premiums through an intermediary. The intermediaries delay payments for the premium thereby putting the insured at risk. In order to ensure prompt payment of premiums to the insurance and taking into account the expanded mode of payment of premiums through digital platforms, I propose to amend the Insurance Act to require the insured to make payments in respect of premiums directly to the insurer. This will enhance prompt coverage of the insured. The Sacco Societies Act and the Regulations require SACCO Societies to submit periodic statutory reports and other information to the Sacco Societies Regulatory Authority (SASRA) mainly on a monthly and quarterly basis. These statutory reports are critical components and tools for daily monitoring and evaluation of the financial performance of SACCO Societies such as their liquidity status, capital adequacy and asset quality, among others. The Authority has been progressively adopting a Risk Based Supervision (RBS) model of supervision, which is the internationally accepted supervision model for financial institutions. The RBS model is heavily dependent on real time and accurate data and other statistical information from SACCOs. I, therefore, propose to amend the SASRA Act to allow the usage of ICT in submission of statutory reports. In conclusion, Hon. Speaker and fellow Kenyans, the last two years were difficult for our nation, but we remained resilient and emerged stronger as a democratic society. Our people have shown incredible patience and optimism. Our President has led the way to find common ground and heal the wounds arising from divisive politics. The Budget I have presented to you has been carefully prepared to balance the difficult choices we had to make in order to move this country forward, implement our President’s legacy agenda of radically transforming this country through the Big Four Agenda initiative and sustain our public finances. I believe we have made the right decision that will propel this country to prosperity and make us great. Despite our limited resources and the need to reduce the fiscal deficit, we have in addition to funding the Big Four Agenda, sustained the prioritization of resource to pro-poor programmes, especially in the areas of social protection, education, health, food security, access to electricity and drought and disaster risk mitigation measures. The Budget is also inclusive and promotes shared prosperity in light of resources allocated to ASAL areas and transfers to the 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."
}