The Chairman is appointed by the President on the recommendation of the Minister for Finance; Chief Executive Officer is appointed under section 3E of the Insurance Act Others are; Permanent Secretary, Ministry of Finance or his representative. Chief Executive Officer of the Retirement Benefits Authority Chief Executive Officer of the Capital Markets Authority Governor of the Central Bank of Kenya or his representative; and A nominee of the Insurance Institute of Kenya;
Four other members, not being public officers, appointed by the Minister for Finance As a rule, the Chairman and other members of the Board are appointed from amongst persons that have knowledge or experience in matters relating to insurance, finance, banking or actuarial science.
Functions of the Board:
Control, supervise and administer the assets of the Authority in such a manner and for such purposes as best promote the purpose for which the Authority is established.
Determine the provisions to be made for capital and recurrent expenditure and for the reserves of the Authority.
Receive grants, gifts, donations or endowments on behalf of the Authority and make legitimate disbursements there from.
Enter into associations with such other bodies or organisations, within and outside Kenya, as it may consider desirable or appropriate and in furtherance of the purpose for which the Authority is established.
Open a banking account or banking accounts for the funds of the Authority.
Invest the funds of the Authority not currently required for its purposes in the manner provided in this Act.
Formulate Authority’s Policies, Procedures and Practices that govern its operations and management.
Appoint staff for the Authority and determine their salaries, benefits and allowances payable.
Establish Board Committees and assign members of the Board to each of the committees.
Committee of the Board:
These are members of the Audit, Risk Management and Corporate Governance Committee. The Committee meets four times in a year on a quarterly basis.
