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{
    "id": 662208,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/662208/?format=api",
    "text_counter": 239,
    "type": "speech",
    "speaker_name": "Mr. Rotich",
    "speaker_title": "The Cabinet Secretary for National Treasury",
    "speaker": {
        "id": 1242,
        "legal_name": "Ronald Kiprotich Tonui",
        "slug": "ronald-kiprotich-tonui"
    },
    "content": "the acronyms “Deposit taking SACCO Society (DTS)” or “DT-SACCO” to differentiate them from the other SACCOs and also to provide legal restrictions for the usage of these acronyms by other non-deposit taking SACCOs. Kenya has witnessed growing interest in online trading of foreign currency particularly among the youth. There is currently no regulatory framework to guide online forex trading in Kenya where it is estimated that over 50,000 investors are participating through foreign registered brokers who link through the internet to access the highly liquid currency clearing centres in the USA, Europe, Japan and other countries. Providing a legal framework for the online trading of foreign currency goes hand in hand with making Nairobi an international financial hub. In this regard, I am proposing facilitative amendments to the Capital Markets Authority Act following which I will be gazetting relevant regulations for effective and secure online forex trading by Kenyans. Last year I removed the requirement for annual licensing of banks and instead empowered the Central Bank of Kenya to issue non-renewable perpetual licences. This year, I propose to extend a similar perpetual licences framework to institutions licensed by the Retirement Benefits Authority. In addition, I propose to further review the investment guidelines for retirement benefits schemes to facilitate their investment in new products approved by the Capital Markets Authority including exchange-traded derivatives and listed Real Estate Investment Trusts. Medical expenses constitute one of the biggest categories of expenditure for our senior citizens. Many workers who have employer-provided medical schemes during their working life find themselves without any cover the day they retire. An innovative solution to this challenge is for retirement schemes to establish separate medical funds into which members can contribute during their working life and the same be used to purchase medical cover at retirement. I am, therefore, proposing facilitative amendments to the Retirement Benefits Occupational and Individual Regulations to allow schemes to put in place such arrangements. Last year I amended the Insurance Act to facilitate the industry to move to risk-based solvency framework and a more principle-based investment framework. To further anchor this risk based approach, I am proposing additional amendments in particular expanding the allowable forms of capital and reflecting the new gross premium valuation methodology across different classes of business. In addition, to protect insurance policy holders from long delays in settlement of their claims, I am proposing to reduce the maximum time in which a claim should be settled from 90 days to 30 days."
}