NAIROBI, Kenya, Jan 7 – The Policyholders Compensation Fund (PCF) has extended the management and operations of Xplico Insurance Company Limited for an additional three months.
PCF, in a statement, announced that the statutory management of Xplico, which was originally implemented in December 2023, will now run through until March 7, 2025.
This extension allows for continued oversight and the implementation of necessary reforms to protect the interests of policyholders and creditors of the troubled insurer.
The move follows a directive from the High Court issued on December 10, 2024.
Furthermore, the PCF has also announced an extension of the moratorium on payments by Xplico Insurance to its policyholders and creditors.
This moratorium, which began in December 2023, has been extended for an additional three months, running from December 2024 through to March 2025.
PCF emphasized that this measure is necessary to allow for proper assessment and restructuring of the company.
“Now take further notice that pursuant to the appointment of the Policyholders Compensation Fund (hereinafter referred to as “PCF”) as the Statutory Manager for Xplico Insurance Company Limited (hereinafter referred to as “the Insurer”) by the Commissioner of Insurance on 8 December 2023, in exercise of his powers under Section 67C (2) (i) of the Insurance Act, and in exercise of powers conferred upon PCF by Section 67C (10) of the Insurance Act, PCF hereby extends the Moratorium on payments by the said Insurer to its Policyholders and all other Creditors for three months with effect from a December 2014 to 7 March 2025.”
PCF had in June last year begun payments and compensation of policyholders of Xplico insurance.
The Insurance Regulatory Authority (IRA) in 2023 placed Xplico Insurance under statutory management.
IRA had appointed PCF to manage the insurer.
