IRA shuts down two insurers, advises policyholders to seek alternatives
Business
By
David Njaaga
| Dec 08, 2023
The Insurance Regulatory Authority (IRA) has taken drastic action against two insurance companies that were facing financial difficulties.
In a statement on Friday, IRA said Xplico Insurance Company Limited has been placed under statutory management by the Policyholders Compensation Fund (PCF), effective December 8, 2023.
The authority said the insurer is no longer allowed to issue any new insurance contracts and advised existing policyholders to find other licensed insurers to avoid any risks.
IRA also announced that Invesco Assurance Company Limited has also been put into liquidation by the Official Receiver following two insolvency petitions filed by some of its claimants in Malindi and Nairobi courts.
The insurer's licence has been cancelled, and the Official Receiver has taken over its affairs.
READ MORE
Inside Sabina Chege's breastfeeding Bill
MPs pass Bill requiring workplace breastfeeding facilities
'The talent exists': Maingi calls for grassroots sports funding
How Endebess hospital could bring medical care closer to residents
46 tonnes of smuggled sugar seized in Turkana
More protest claims worth Sh83.65m processed
State pledges to enact Older Persons Bill by 2027
Government says Older Persons Bill 2024 to be enacted before 2027
Kenyan Wawira Njiru named in TIME100 Next list for 2026
County Oversight Accountability Bill violates provisions of the Constitution
IRA advised existing policyholders to also seek alternative coverage from other licensed insurers.
The PCF will compensate the affected claimants of both insurers as per the Insurance Act, CAP 487 of Kenya.