Kenya Deposit Insurance Act

5. Objects and functions of the Corporation

Edition: 2022-12-31 · In force

5. Objects and functions of the Corporation

(1)The object and purpose for which the Corporation is established is to provide a deposit insurance scheme for customers of member institutions and to receive, liquidate and wind up any institution in respect of which the Corporation is appointed receiver or liquidator in accordance with this Act.

(2)Without prejudice to the generality of subsection (1), the Corporation shall—

(a)levy contributions for the Fund from institutions in accordance with this Act;

(b)hold, manage and apply the Fund in accordance with the provisions of this Act and administer the deposit insurance scheme set up under this Act;

(c)provide incentives for sound risk management and generally promote the stability of the financial system; and

(d)perform such other functions as may be conferred on it by this Act or any other written law.

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Source: Kenya Law