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
Kisumu, Nairobi among worst users of development funds
Why KQ has canceled its Cape Town return flight
Curriculum delivery is a marathon, not a sprint
Recipe for rigging: Battle looms over plan to scrap IEBC's livestreaming of election results
Why Ruto rejected Public Procurement (Amendment) Bill, 2024
Kenya shines at Zone Individual Chess Championship in Ethiopia
Police-linked brutality victims in court, claim opaque compensation process
Safe but scared...: Tales of Mathare floods survivors
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.
Northern Corridor blueprint secures green funding
Officials say the funding is expected to unlock further investments needed to modernise freight transport across the region.Manufacturers turn to direct sales as online shopping reshapes electronics trade
Electronics market is moving further online as manufacturers and retailers expand digital sales channels, giving consumers more ways to research, compare and purchase products.Historic El Nino threat raises fresh risks for Kenya's economy and food security
Kenya is staring down the barrel of its most powerful El Nino in more than four decades, with forecasters and economists warning of a potential catastropheStanbic Bank records marginal jump in half-year profit to Sh6.6b
Stanbic Holdings posted a marginal rise in half-year profit to Sh6.61 billion but cut its interim dividend by more than half despite stronger asset quality.Surge in Tanzania, Uganda units push EABL net profit to record Sh18.2 billion
Regional brewer East African Breweries Ltd (EABL) has posted a record net profit of Sh18.2 billion for the year ended June 2026.MOST READ
- Manufacturers turn to direct sales as online shopping reshapes electronics trade
ENTERPRISE
By David Njaaga
- Historic El Nino threat raises fresh risks for Kenya's economy and food security
BUSINESS
By Brian Ngugi
- Stanbic Bank records marginal jump in half-year profit to Sh6.6b
BUSINESS
By Brian Ngugi