{"id":113374,"date":"2026-03-11T16:00:52","date_gmt":"2026-03-11T13:00:52","guid":{"rendered":"https:\/\/www.capitalfm.co.ke\/business\/?p=113374"},"modified":"2026-03-11T15:36:35","modified_gmt":"2026-03-11T12:36:35","slug":"ira-places-kuscco-mutual-assurance-under-statutory-management","status":"publish","type":"post","link":"https:\/\/www.capitalfm.co.ke\/business\/2026\/03\/ira-places-kuscco-mutual-assurance-under-statutory-management\/","title":{"rendered":"IRA places KUSCCO Mutual Assurance under statutory management"},"content":{"rendered":"<p><strong>NAIROBI, Kenya, Mar 11 &#8211; The Insurance Regulatory Authority (IRA) has placed KUSCCO Mutual Assurance Limited under statutory management citing risks to policyholders and the public.<\/strong><\/p>\n<p>In a notice, the regulator said the action took effect on March 10, 2026, in accordance with Section 67C(2)(i) of the Insurance Act, which empowers it to take over the management of insurers facing financial instability or regulatory breaches.<\/p>\n<p>IRA has appointed the Policyholders Compensation Fund (PCF) as the statutory manager to take control of the company\u2019s affairs.<\/p>\n<p>\u201cKUSCCO Mutual Assurance Limited is not authorised to enter into any new insurance contracts from March 11, 2026,\u201d the authority said in the notice.<\/p>\n<p>Under statutory management, the appointed manager assumes full control of the insurer\u2019s operations, including administration and oversight of its financial affairs.<\/p>\n<p>The move comes days after the Retirement Benefits Authority (RBA) renewed the firm\u2019s licence to continue administering pension schemes under the Retirement Benefits Act.<\/p>\n<p>KUSCCO Mutual Assurance provides pension administration services mainly to retirement schemes linked to the savings and credit cooperative sector.<\/p>\n<p>The action also comes as investigations continue into alleged financial mismanagement at the Kenya Union of Savings and Credit Co-operatives (KUSCCO), where senior executives are accused of presiding over the loss of about Sh15 billion belonging to depositors and cooperative societies.<\/p>\n<p>The scandal has triggered scrutiny from regulators and lawmakers over governance and oversight within the umbrella body representing hundreds of Saccos across the country.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>IRA has appointed the Policyholders Compensation Fund as the statutory manager to take control of the company\u2019s affairs.<\/p>\n","protected":false},"author":14381,"featured_media":112867,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[684,1,687],"tags":[934,3327,26831,26856,19420],"coauthors":[6664],"class_list":["post-113374","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-gornment","category-kenya","category-top-stories","tag-featured","tag-ira","tag-kuscco-mutual-assurance","tag-places","tag-statutory-management"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v25.7.1 (Yoast SEO v27.5) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>IRA places KUSCCO Mutual Assurance under statutory management - Capital Business<\/title>\n<meta name=\"description\" content=\"IRA has appointed the Policyholders Compensation Fund as the statutory manager to take control of the company\u2019s affairs. Kenya breaking news | Kenya news today |\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.capitalfm.co.ke\/business\/2026\/03\/ira-places-kuscco-mutual-assurance-under-statutory-management\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"IRA places KUSCCO Mutual Assurance under statutory management\" \/>\n<meta property=\"og:description\" content=\"IRA has appointed the Policyholders Compensation Fund as the statutory manager to take control of the company\u2019s affairs. Kenya breaking news | Kenya news today |\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.capitalfm.co.ke\/business\/2026\/03\/ira-places-kuscco-mutual-assurance-under-statutory-management\/\" \/>\n<meta property=\"og:site_name\" content=\"Capital Business\" \/>\n<meta property=\"article:publisher\" content=\"http:\/\/facebook.com\/capitalfmkenya\" \/>\n<meta property=\"article:published_time\" content=\"2026-03-11T13:00:52+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.capitalfm.co.ke\/business\/files\/2026\/02\/KUSCCO-CENTRE.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"642\" \/>\n\t<meta property=\"og:image:height\" content=\"331\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"KEVIN ROTICH\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@capitalfmkenya\" \/>\n<meta name=\"twitter:site\" content=\"@capitalfmkenya\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"KEVIN ROTICH\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.capitalfm.co.ke\\\/business\\\/2026\\\/03\\\/ira-places-kuscco-mutual-assurance-under-statutory-management\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.capitalfm.co.ke\\\/business\\\/2026\\\/03\\\/ira-places-kuscco-mutual-assurance-under-statutory-management\\\/\"},\"author\":{\"name\":\"KEVIN ROTICH\",\"@id\":\"https:\\\/\\\/www.capitalfm.co.ke\\\/business\\\/#\\\/schema\\\/person\\\/65b7806a62c00c754025592bcf3861bd\"},\"headline\":\"IRA places KUSCCO Mutual Assurance under statutory management\",\"datePublished\":\"2026-03-11T13:00:52+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.capitalfm.co.ke\\\/business\\\/2026\\\/03\\\/ira-places-kuscco-mutual-assurance-under-statutory-management\\\/\"},\"wordCount\":244,\"publisher\":{\"@id\":\"https:\\\/\\\/www.capitalfm.co.ke\\\/business\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/www.capitalfm.co.ke\\\/business\\\/2026\\\/03\\\/ira-places-kuscco-mutual-assurance-under-statutory-management\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.capitalfm.co.ke\\\/business\\\/files\\\/2026\\\/02\\\/KUSCCO-CENTRE.jpg\",\"keywords\":[\"featured\",\"IRA\",\"KUSCCO Mutual Assurance\",\"places\",\"statutory management\"],\"articleSection\":[\"Government\",\"Kenya\",\"Top Story\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.capitalfm.co.ke\\\/business\\\/2026\\\/03\\\/ira-places-kuscco-mutual-assurance-under-statutory-management\\\/\",\"url\":\"https:\\\/\\\/www.capitalfm.co.ke\\\/business\\\/2026\\\/03\\\/ira-places-kuscco-mutual-assurance-under-statutory-management\\\/\",\"name\":\"IRA places KUSCCO Mutual Assurance under statutory management - Capital Business\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.capitalfm.co.ke\\\/business\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.capitalfm.co.ke\\\/business\\\/2026\\\/03\\\/ira-places-kuscco-mutual-assurance-under-statutory-management\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.capitalfm.co.ke\\\/business\\\/2026\\\/03\\\/ira-places-kuscco-mutual-assurance-under-statutory-management\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.capitalfm.co.ke\\\/business\\\/files\\\/2026\\\/02\\\/KUSCCO-CENTRE.jpg\",\"datePublished\":\"2026-03-11T13:00:52+00:00\",\"description\":\"IRA has appointed the Policyholders Compensation Fund as the statutory manager to take control of the company\u2019s affairs. 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