Licensing Requirements

Licensing Requirements

  • Provisions of Section 22, 22A, 23 and 25 of the Retirement Benefits Act
  • Specific Regulations
  • Retirement Benefits (Managers & Custodians) Regulations, 2000
  • Retirement Benefits (Administrators) Regulations, 2007

Key issues for consideration

  1. Specific criteria for suitability of applicant as provided under Section 22A of the Retirement Benefits Act
  • The financial status of the applicant (requirements for capitalization provided under the specific regulations)
  • Solvency of the applicant
  • Educational or other qualifications or experience of the applicant having regard to nature of functions for which, if application is granted, the person shall perform
  • Ability of the applicant to carry on the regulated activity competently, honestly and fairly.Top Management and Board of Directors of the applicant should also have the necessary educational, professional or other qualifications and experience having regard to the nature of the functions to be performed
  • Status of any other license or approval granted to the person by any financial sector regulator
  • Reputation, character, financial integrity and reliability of applicant
  1. Operational systems in place to offer respective services including internal control procedures and risk management systems

Application for Registration

The following will be required to enable the Authority consider an application for registration

  • Application in the prescribed form
  • The prescribed application for registration fee, currently Kshs.50,000.00 payable to the Authority and submitted with application
  • Applicant’s latest Financial Statements, duly certified
  • Certificate of incorporation of Applicant
  • Memorandum and Articles of Association of the Applicant – objective to carry out specified service should be in the  Memorandum
  • Curriculum vitae for Key Technical Staff
  • Copies of current registration license if licensed by other Regulators
  • Applicants should have a minimum paid up share capital including unimpaired reserves – current Kshs.10 million for the Manager and Administrator; 250 million for the Custodian
  • The Authority will thereafter carry out a due diligence onsite inspection to assess the applicant’s capability to carry on respective services