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{
    "id": 1254165,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1254165/?format=api",
    "text_counter": 116,
    "type": "speech",
    "speaker_name": "Prof. Njuguna Ndung’u",
    "speaker_title": "The Cabinet Secretary, National Treasury and Economic Planning",
    "speaker": null,
    "content": "deliberately form strategic partnership to facilitate voluntary pension contributions for individuals in this sector and to continue to explore options to provide diverse pension solutions for self-employed individuals. Hon. Speaker, to effectively administer the public service pensions, the National Treasury will invest in modern technology and digital solutions to streamline pension processes and improve service delivery. In this regard, Public Service Schemes will develop user-friendly online platforms that allow the pensioners to access their pension statements, make inquiries and update their personal information conveniently. The Government continues to implement the Public Service Super Annuation Scheme with the end goal of easing the burden of pension payment by Government. Hon. Speaker, let me turn to insurance reforms. In the past two years, the insurance sector has grown by Ksh36 billion from a premium of Ksh23 billion. The industry has also attracted investments from key multinational players. In order to further enhance growth of the sector; the Insurance Regulatory Authority has rolled out a Micro-Insurance Framework that will contribute to increase penetration coverage for individuals with low income. The Authority will strengthen private insurance’s role in the Universal Health Coverage, promote crop and livestock insurance and support insurance for MSMEs. Hon. Speaker, there are no deterrent measures under the Insurance Act to motivate accountability and observance of directors’ duties as well as senior managers’ professional responsibilities. To address this shortcoming, I have submitted to this House Insurance (Amendment) Bill, 2023 to provide for offences relating to the management of an insurer. In addition, the Bill contains other amendments aimed at enhancing the efficiency of the Insurance Regulatory Authority in regulating the insurance industry. Hon. Speaker, let me turn to Sacco societies reforms. The Sacco industry is characterized by many small and medium size Saccos that find it difficult to effectively compete in the deposit taking and credit market. To address this challenge, the Sacco Societies Regulatory Authority (SASRA) is working on amendments to the Sacco Societies Act, 2008, that will provide for licensing and supervision of Shared Sacco Services platform. This initiative will improve efficiency and competitiveness of SACCOs through establishment of cost-sharing digital platform to enable small SACCOs achieve economies of scale while at the same time mainstreaming regulatory compliance in a cost-effective manner. Hon. Speaker, 12 years ago, the Government introduced prudential regulations to secure the financial stability of SACCOs and boost savings for members. However, there has been lack of a resolution mechanism for financially distressed SACCOs. In order to address this challenge, the SACCO Societies Regulatory Authority has proposed amendments of the Sacco Societies Act, 2008 to provide for a framework for appointment of trustees to the Deposit Guarantee Fund (DGF) for Saccos in Kenya. Let me turn to unacclaimed assets. The Unclaimed Financial Assets Authority Act does not provide for claimants to designate a beneficiary of their assets or to a cause of their choice and, therefore, any claim must be paid to the claimant. To address this, I have proposed to amend the Unclaimed Financial Assets Authority Act so as to empower claimants to designate beneficiaries of their unclaimed assets or to a cause of their choice. Let me turn to ease of doing business. Hon. Speaker, in order to ease the cost of doing business and minimise compliance costs for the MSME, the Competition Authority of Kenya will exempt MSEs sector from merger notifications thus enabling start-ups, digital businesses, among others. Further, the Authority w ill m o n i t o r a n d c o n d u c t s u r v e i l l a n c e audits specifically in the manufacturing and agro-processing sectors so as to protect MSMEs from incidences of abuse of buyer power. Secondly, the Competition Authority of Kenya will implement codes of practice to ensure that MSMEs in the retail and insurance sectors are protected from powerful buyers. 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."
}