Invesco Assurance Company placed under statutory management
Business
By
Edwin Nyarangi
| Aug 15, 2024
The Insurance Regulatory Authority (IRA) has placed Invesco Assurance Company Limited under Statutory Management as per Section 67C(2)(i) of the Insurance Act.
The Authority has appointed the Policyholders Compensation Fund (PCF) as the Statutory Manager for Invesco Assurance Company Limited (under statutory management).
"Invesco Assurance Company Limited (under statutory management) is not authorized to enter into any new insurance contracts from 14th August 2024," said IRA
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The insurer's existing Policyholders are advised to immediately seek alternative covers from other licensed insurers to ensure that there is no unnecessary exposure.
The Policyholders Compensation Fund will compensate the affected claimants as provided for under the Insurance Act, Cap 487 Laws of Kenya.