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{
    "id": 910356,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/910356/?format=api",
    "text_counter": 324,
    "type": "speech",
    "speaker_name": "Mr. Henry Rotich",
    "speaker_title": "The Cabinet Secretary for National Treasury",
    "speaker": {
        "id": 13142,
        "legal_name": "Henry Rotich",
        "slug": "henry-rotich"
    },
    "content": "amend the Insurance (Motor Vehicle Third Party Risks) (Certificate of Insurance) Rules to require all passenger carrying boda-bodas and tuk-tuks to have insurance cover for passengers and pedestrians. The Retirement Benefits Schemes that invest in guaranteed funds are subjected to unfavourable terms of exit. In particular, the schemes are required to withdraw funds in instalments spread over three years otherwise they suffer a charge of up to 25 per cent of the fund value. This exposes members to low returns on the fund balance due to an extended transfer period. Therefore, I have proposed to amend the Retirement Benefits Act to reduce the period of transfer to one year so as to allow members to access better returns. While both Individual and Occupational Regulations under the Retirement Benefits Act make provision for creation of reserve funds in the defined contribution schemes, the schemes are not required to make provisions for distribution of the reserve funds in the rules. This has made some members exit without accessing their entitlement to the reserve funds. In this regard, I propose to amend the Occupational Benefits Regulations and Retirement Benefits Regulations to ensure that the exiting members receive their equitable share of the reserve funds. Last year, I introduced amendments to allow contributions for post-retirement medical funds in the Occupational and Individual Retirement Benefit Schemes Regulations. This was meant to enable members of these schemes to contribute to a medical scheme to be accessed after retirement as a form of social security. In order to ensure that many Kenyans enjoy this opportunity, I proposed to further amend the Umbrella Retirement Schemes Regulations to allow members of the Umbrella Retirement Benefits Schemes to contribute towards Post-retirement Medical Fund. This will also contribute to the achievement of Universal Health Coverage. In order to establish the legal framework for the operation of the National Electronic Single Window System, I will soon submit the National Electronic Single Window Bill, 2019 for deliberation by the National Assembly. The Bill proposes to legislate the use of the National Single Window System as well as re-establish the Kenya Trade Network Agency. In addition, the Bill also seeks to amend various Statutes to recognise and formalise the issuance of electronic certificates or permits that are currently issued by various Agencies through the System."
}