If it’s covered,it counts...

ICPAK Budget Review Seminar

Presented by Maurice Wangutusi

16 June 2011, Laico Regency Hotel

© 2011 Deloitte & Touche2

Contents

• Miscellaneous Provisions

‒ Banking & Microfinance

‒ Insurance

‒ Traffic Act

‒ Other

• Questions & answers

ICPAK 2011 East Africa Budget Review Seminar

© 2011 Deloitte & Touche3 ICPAK 2011 East Africa Budget Review Seminar

Banking & Microfinance

• Sharing of credit information

• Banking beyond the borders

• Unlicensed microfinance institutions barred from deposit taking

• Enhancement of insider lending restrictions and single borrower limits

• Central Bank to assess suitability of officers

© 2011 Deloitte & Touche4 ICPAK 2011 East Africa Budget Review Seminar

Insurance

• Expansion or relocation activities of insurers

• Power to protect the assets for the benefit of policy holders

• Transfers, amalgamations approvals to be granted by the IRA

© 2011 Deloitte & Touche5 ICPAK 2011 East Africa Budget Review Seminar

Traffic Act

• Motor vehicle log books to be surrendered upon permanent movement of a vehicle outside Kenya

• Transfer of ownership of motor vehicle

• Use of computerized motor vehicle registration systems

© 2011 Deloitte & Touche6 ICPAK 2011 East Africa Budget Review Seminar

Other

• Tax breaks for internship

• Appointed representatives to receive NSSF benefits while member serves prison term

• Telecommunication players and users to ensure registration of SIM subscribers

© 2011 Deloitte & Touche

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