The Insurance Regulatory Authority (IRA) has placed Invesco Assurance Company Limited under statutory management.
The authority has appointed the Policyholders Compensation Fund (PCF) to oversee the company's functions.
This comes after the Authority placed the same firm under liquidation, which involves winding up business operations and selling assets to compensate shareholders and creditors in December last year.
“Invesco Assurance Company Limited (under statutory management) is not authorized to enter into any new insurance contracts from 14th August 2024. The insurer’s existing Policyholders are advised to immediately seek alternative covers from other licensed insurers to ensure that there is no unnecessary exposure,” IRA announced.
“The Policyholders Compensation Fund will compensate the affected claimants as provided for under the Insurance Act, Cap 487 Laws of Kenya.”
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Similarly, in December 2023, Xplico Insurance was placed under statutory management.
