This law promotes deposit protections, instill public confidence, and foster financial stability. Its objectives are to establish: the Kenya Deposit Insurance Corporation, the regulatory framework of the Kenya Deposit Insurance, the regulatory framework for the examination and supervisory body within the Kenya Deposit Insurance Corporation, the regulatory framework for the receiver body within the Kenya Deposit Insurance Corporation, and the regulatory framework within the liquidator body of the Kenya Deposit Insurance Corporation.
The Board of the Kenya Deposit Insurance Corporation shall formulate policies, rules and guidelines for the efficient discharge of the Corporation’s functions within reasonable time after the commencement date. The Board shall define functions and responsibilities of the Board, its committees, and management team for the effective and efficient carrying out of the objects of the Corporation. The Board shall formulate the Board Charter in order to regulate its own procedures. The Board shall recommend remunerations, fees or allowances, which will be reviewed by the Cabinet Secretary.
The Corporation will insure current accounts deposits, savings accounts deposits, call deposits, fixed/term deposits, and foreign currency deposits.