NAIROBI, Kenya, Dec 8 – The Insurance Regulatory Authority (IRA) has placed Xplico Insurance under statutory management.
Meanwhile, the Policyholders Compensation Fund (PCF) has been appointed to manage the insurer.
“The insurer is prohibited from issuing any new insurance contracts from 8th December 2023,” IRA said in a statement.
“Its existing Policyholders are advised to immediately seek alternative covers from other licensed insurers to ensure that there is no unnecessary exposure,” it added.
“The Policyholders Compensation Fund will compensate the affected Claimants as provided for under the Insurance Act, CAP 487 Laws of Kenya.”
Likewise, the authority has placed Invesco Assurance Company Limited under liquidation after the appointment of an official receiver.
“The Official Receiver has taken over the affairs of Invesco Assurance Company Limited for the purposes of liquidation and the insurer’s licence is cancelled therewith,” IRA added.
“The insurer is prohibited from issuing any new insurance policies with effect from 8th December 2023. Its existing Policyholders are advised to immediately seek alternative covers from other licensed insurers to ensure that there is no unnecessary exposure,” it added.
“The Policyholders Compensation Fund will compensate the affected claimants as provided for under the Insurance Act, Cap 487 Laws of Kenya.”
