ADVOKS GLOBAL · KENYA
Kenya Deposit Insurance Act
33. Lodging and payment of claims
Edition: 2022-12-31 · In force
33. Lodging and payment of claims
(1)The Corporation shall make payment in respect of any insured deposit with the Corporation where it is appointed as liquidator under this Act.(2)All payments made by the Corporation in respect of insured deposits and all associated costs shall be made from the Fund.(3)A depositor of an institution shall, upon the institution being placed in liquidation, lodge a claim with the Corporation, in such form as may be prescribed, for payment to the depositor out of the Fund, of any insured deposit.(4)The Corporation may, before paying any claim lodged under subsection (3), require the claimant to furnish it with such documentary proof as may be proper to show that he is entitled to payment out of the Fund.(5)The Corporation may decline to make any payment under this section to a person who, in its opinion, had any responsibility for or may have profited directly or indirectly from the circumstances leading up to the institution being placed in liquidation.(6)Where the Corporation is obliged to commence payments under subsection (1) in respect of any insured deposits, the Corporation shall, unless there are extraneous circumstances hindering the Corporation, within thirty days after being appointed liquidator make payment to the depositor based on the records of the institution and the opinion of the Corporation as regards entitlement of the amount claimed.(7)The Corporation shall offset and withhold payment of such portion of the insured deposit of any depositor in an institution against any loans or debts due and owing by that depositor to the institution or against any claims for injuries or losses through negligence or other wrongdoing against any depositor who may be liable to the institution or the Corporation as a director, shareholder, officer, employee, agent or other person.(8)The Corporation may make such advance, interim or emergency partial payments under this Part as may be prescribed.