The Insurance Regulatory Authority (IRA) has ordered Monarch Insurance Company Limited to pay Kes 2.5 million as claim payments to its joint creditors.
In a notice, the insurer was also required to pay Millicent Anyango Ojwang and Malachi Odera Minganyi, listed as joint creditors, within 21 days.
“Take Notice that within 21 days after service of this notice on the company. excluding the day of such service, the company must pay Millicent Anyango Ojwang and Malachi Odera Minganyi (joint creditors)] the sum of Sh 2,487,605 claimed by the creditors.”
The creditors were also advised to file a liquidation order against the company if it fails to pay the stated amount within the agreed-upon period.
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