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{
    "id": 579035,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/579035/?format=api",
    "text_counter": 116,
    "type": "speech",
    "speaker_name": "Hon. Langat",
    "speaker_title": "",
    "speaker": {
        "id": 384,
        "legal_name": "Benjamin Kipkirui Langat",
        "slug": "benjamin-langat"
    },
    "content": "the financial year. Again, this is almost doubling up. In case of the general reinsurance business, it is proposed to be moved to Kshs1 billion from the current Kshs500 million or risk base capital determination or 20 per cent of the net earned premium of the preceding financial year. 3. In case of long-term reinsurance business, it is the high of Kshs500 million or base capital determination or five per cent of liability of business for the financial year. Hon. Speaker, those are for the insurance sector. Again, there are good reasons for that. We need to have our insurance companies stronger. They need to be able to meet their liabilities. They can only do that when they are very strong. Clauses 32 to 43 propose amendments to the Banking Act in order to streamline licensing of banking institutions and to transition from the Deposit Protection Fund Board to the newly established Kenya Deposit Insurance Corporation. Again, this is a provision on minimum core capital requirements for banks. So, there is a proposal that the core capitals of banks should be increased as follows:-"
}