If you suffer injury in an accident caused by someone else’s negligence (carelessness) you may want to seek recompense from them. You will therefore bring a personal injury claim against them.
Personal injury claims aim to make the party who caused the accident and your injury, pay you compensation for the harm they have caused you.
These claims include;
🚑Road Traffic Accident Claims
📝Accident at Work Claims
🚳Accidents in Public Places
⚕️Clinical (Medical) Negligence
A claim for personal injury will include:
✒️A claim for the pain of the injury itself,
✒️The suffering it causes and
✒️The manner in which it affects your day-to-day life.
- Calculating the Personal Injury Claim -
The claim for compensation may be settled in or out of court to decide who was at fault and/or how much compensation you will receive.
A Kenyan Lawyer (personal injury lawyer) can help you get the most out of your injury claim or lawsuit;
If your accident left you with any of the conditions below, you should definitely seek professional legal representation.
👉🏾Pain and Suffering
👉🏾Temporary Disability
👉🏾Permanent Disability
👉🏾Severe Injury
Disclaimer: This is a guide for general informational purposes only and does not constitute legal advice.
Monday, October 31, 2022
Sacco Societies Regulatory Authority (SASRA)/Frequently asked questions on Regulation of SACCOS in Kenya
What regulates SACCOs in Kenya?
The SACCO Societies Regulatory Authority (SASRA) is the primary regulatory body charged with licensing Deposit‑Taking Sacco Societies (Savings and Credit Co-operatives Societies) - DT regulation 2010 and authorizing specified Non Deposit taking saccos - NDTS Regulations 2021 in the Republic of Kenya.
The Sacco Societies Regulatory Authority (SASRA) is a statutory state corporation established under the Sacco Societies Act (Cap 490B) of the Laws of Kenya (the Act) which came into full operation upon the gazettement of the Sacco Societies (Deposit-taking Sacco Business) Regulations, 2010 (the Regulations 2010) on 18th June 2010. The principal mandate of the Authority under the Act as read with the aforesaid Regulations, 2010 has been to license Sacco Societies to undertake deposit-taking Sacco business in Kenya (popularly known as Front Office Service Activity or FOSA), and to supervise and regulate such Sacco Societies in Kenya among other things.
Are SACCOs regulated by CBK?
ii) CBK has a formal working partnership with SASRA to engage in continuous technical consultations to guide the licensing, regulation and supervision of deposit taking SACCO Societies.
How are SACCOs governed?
According to Part II of the SACCO Societies Act 2008 Kenya, an authority is established to regulate and manage SACCO societies. This authority is called SACCO Societies Regulatory Authority (SASRA).
How do SACCOs operate in Kenya?
Like banks, SACCOs accept deposits and make loans—but unlike banks, SACCOs are not in business to make a profit. Banks exist to make money for their stockholders, not for their depositors. SACCOs exist solely to serve their member-owners, and benefits are returned in lower loan rates and higher deposit rates.
Are all SACCOs regulated by Sasra?
SASRA's mandate allows it to regulate, supervise, and license all the deposit-taking Saccos in the country in accordance with the Sacco Societies Act of 2008. Before a Sacco is registered, it has to comply with all the SASRA regulations.
Can one join two SACCOs in Kenya?
Yes. As long as the said member shall belong to no more than one Sacco Society having similar objectives as mentioned above.
Which is best Sacco in Kenya?
STIMA SACCO SOCIETY LTD
Membership is open and any Kenyan citizen is eligible to join Stima Sacco regardless of his or her area of residence. Stima Sacco is currently ranked as the best performing Sacco in the country.
How many members can form a SACCO?
The number of members in the society (At least 10 members); The names, occupation and postal addresses of the Chairman, treasurer and secretary; Proposed Physical address of the society.
The SACCO Societies Regulatory Authority (SASRA) is the primary regulatory body charged with licensing Deposit‑Taking Sacco Societies (Savings and Credit Co-operatives Societies) - DT regulation 2010 and authorizing specified Non Deposit taking saccos - NDTS Regulations 2021 in the Republic of Kenya.
The Sacco Societies Regulatory Authority (SASRA) is a statutory state corporation established under the Sacco Societies Act (Cap 490B) of the Laws of Kenya (the Act) which came into full operation upon the gazettement of the Sacco Societies (Deposit-taking Sacco Business) Regulations, 2010 (the Regulations 2010) on 18th June 2010. The principal mandate of the Authority under the Act as read with the aforesaid Regulations, 2010 has been to license Sacco Societies to undertake deposit-taking Sacco business in Kenya (popularly known as Front Office Service Activity or FOSA), and to supervise and regulate such Sacco Societies in Kenya among other things.
Are SACCOs regulated by CBK?
ii) CBK has a formal working partnership with SASRA to engage in continuous technical consultations to guide the licensing, regulation and supervision of deposit taking SACCO Societies.
How are SACCOs governed?
According to Part II of the SACCO Societies Act 2008 Kenya, an authority is established to regulate and manage SACCO societies. This authority is called SACCO Societies Regulatory Authority (SASRA).
How do SACCOs operate in Kenya?
Like banks, SACCOs accept deposits and make loans—but unlike banks, SACCOs are not in business to make a profit. Banks exist to make money for their stockholders, not for their depositors. SACCOs exist solely to serve their member-owners, and benefits are returned in lower loan rates and higher deposit rates.
Are all SACCOs regulated by Sasra?
SASRA's mandate allows it to regulate, supervise, and license all the deposit-taking Saccos in the country in accordance with the Sacco Societies Act of 2008. Before a Sacco is registered, it has to comply with all the SASRA regulations.
Can one join two SACCOs in Kenya?
Yes. As long as the said member shall belong to no more than one Sacco Society having similar objectives as mentioned above.
Which is best Sacco in Kenya?
STIMA SACCO SOCIETY LTD
Membership is open and any Kenyan citizen is eligible to join Stima Sacco regardless of his or her area of residence. Stima Sacco is currently ranked as the best performing Sacco in the country.
How many members can form a SACCO?
The number of members in the society (At least 10 members); The names, occupation and postal addresses of the Chairman, treasurer and secretary; Proposed Physical address of the society.
How do you manage a SACCO?
SACCO members are the owners and they decide how their money will be used for the benefit of each other. Savings and Credit Cooperatives are democratic organizations and decisions are democratically made. Members elect a board that in turn employs staff to carry out the day-to-day activities of the SACCO.
Does a Sacco have a Constitution?
Section 2 of the SACCO Societies Act defines a Sacco as a savings and credit co-operative society registered under the Co-operative Societies Act. A Sacco is therefore a co-operative society regulated under Part 2 of the Fourth Schedule to the Constitution.
How do you earn dividends in a SACCO?
Saccos pay dividends to all members with balances in deposits and share capital for a given financial year. Most Saccos pay their members' dividends after approval, usually done after the Annual General Meeting.
SACCO members are the owners and they decide how their money will be used for the benefit of each other. Savings and Credit Cooperatives are democratic organizations and decisions are democratically made. Members elect a board that in turn employs staff to carry out the day-to-day activities of the SACCO.
Does a Sacco have a Constitution?
Section 2 of the SACCO Societies Act defines a Sacco as a savings and credit co-operative society registered under the Co-operative Societies Act. A Sacco is therefore a co-operative society regulated under Part 2 of the Fourth Schedule to the Constitution.
How do you earn dividends in a SACCO?
Saccos pay dividends to all members with balances in deposits and share capital for a given financial year. Most Saccos pay their members' dividends after approval, usually done after the Annual General Meeting.
Which is the richest Sacco in Kenya?
Mwalimu National remains the wealthiest Sacco new Sacco Societies Regulatory Authority (SASRA) data shows.
Procedure for Registration of non-deposit taking saccos
1. Formal request in writing to the commissioner for cooperative development with intent for the formation of a non-deposit taking Sacco
2. Proposed Names for Search and approval
3. Objectives of the society
4. The number of members in the society ( at least 10 members)
5. The name, occupation and postal addresses of the chairman, treasurer and secretary
6. Proposed physical address of the society, address includes road, plot number, town and county
7. Constitution of the society
8. Sacco Registration Forms
Procedure for Registration of deposit-taking saccos
1. The Sacco has to provide a minimum core capital of Kshs 10 million as shown in their financial or through submission of bank statements
2. All directors and senior management will be subject to a fit and proper test vetting their moral and professional suitability to be on the board and to manage the Sacco Society Respectively.
3. A detailed four year business plan and feasibility study including projected financial statements.
4. Fill in and submit application forms to SASRA and required documents
5. If satisfied SASRA will issue a letter of intent, upon which the Sacco will be required to set up its business premises, put in place the management information systems and develop a comprehensive risk management framework.
6. Once the above is completed SASRA will conduct an onsite inspection within 30 days and if satisfied will issue a Letter of Compliance to the Sacco within another 30 days.
7. The body will then issue a License upon payment of the stipulated license fees.
8. The estimated time is 4 months for a Sacco that fully complies with all the licensing requirements. The license for deposit taking is renewable annually.
Mwalimu National remains the wealthiest Sacco new Sacco Societies Regulatory Authority (SASRA) data shows.
Procedure for Registration of non-deposit taking saccos
1. Formal request in writing to the commissioner for cooperative development with intent for the formation of a non-deposit taking Sacco
2. Proposed Names for Search and approval
3. Objectives of the society
4. The number of members in the society ( at least 10 members)
5. The name, occupation and postal addresses of the chairman, treasurer and secretary
6. Proposed physical address of the society, address includes road, plot number, town and county
7. Constitution of the society
8. Sacco Registration Forms
Procedure for Registration of deposit-taking saccos
1. The Sacco has to provide a minimum core capital of Kshs 10 million as shown in their financial or through submission of bank statements
2. All directors and senior management will be subject to a fit and proper test vetting their moral and professional suitability to be on the board and to manage the Sacco Society Respectively.
3. A detailed four year business plan and feasibility study including projected financial statements.
4. Fill in and submit application forms to SASRA and required documents
5. If satisfied SASRA will issue a letter of intent, upon which the Sacco will be required to set up its business premises, put in place the management information systems and develop a comprehensive risk management framework.
6. Once the above is completed SASRA will conduct an onsite inspection within 30 days and if satisfied will issue a Letter of Compliance to the Sacco within another 30 days.
7. The body will then issue a License upon payment of the stipulated license fees.
8. The estimated time is 4 months for a Sacco that fully complies with all the licensing requirements. The license for deposit taking is renewable annually.
Subscribe to:
Posts (Atom)