NAIROBI, Kenya, Feb 28 – The Policyholders’ Compensation Fund (PCF) today rolled out a new campaign that seeks to restore public confidence in the local insurance industry amid the liquidation of some of the players.
Through ‘PCF Mtaani’, members of Resolution Insurance Company Limited (under Statutory Management) and Standard Assurance Company (under Liquidation) will be able to lodge complaints directly with the PCF.
The ultimate goals of the five-day sensitization engagement forums are to increase public awareness of PCF, which offers policyholders and claimants a last-resort protection plan in the event that insurance firms fail, and to instill trust in these parties.
“The maximum amount for compensation is currently gazetted as KES 250,000 per claim,” said PCF in a statement.
“The Fund launched compensation for policyholders of collapsed insurers on 10th March, 2021 following an amendment to the Insurance Act in 2019,” it added.
