Kenya Deposit Insurance Act

This Act establishes the Kenya Deposit Insurance Corporation and the Deposit Insurance Fund to provide a deposit insurance scheme and manage the receivership and liquidation of troubled deposit-taking institutions. The legislation empowers the Corporation to levy contributions from member institutions, perform special examinations, and act as a receiver or liquidator to resolve systemic risks or failures while protecting depositors' interests. It sets forth specific protocols for asset management, claim processing, and priority of payments during liquidation proceedings to ensure the stability of the financial system.

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Kenya Deposit Insurance Act

Part I – PRELIMINARY

Short title

This Act may be cited as the Kenya Deposit Insurance Act.

Interpretation

(1) In this Act, unless the context otherwise requires—

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Act to prevail

Where there is any conflict or inconsistency between this Act and the provisions of any other Act in matters relating to the purpose of this Act, this Act shall prevail.

Part II – THE KENYA DEPOSIT INSURANCE CORPORATION

Establishment of the Corporation

(1) There is established a corporation to be known as the Kenya Deposit Insurance Corporation.

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Part VIII – MISCELLANEOUS PROVISIONS

[Spent]

SCHEDULE [s. 8]

PROVISIONS AS TO THE CONDUCT OF BUSINESS AND AFFAIRS OF THE BOARD

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Source: Kenya Deposit Insurance Corporation — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works