The Insurance Regulatory Authority (IRA) has announced the placement of Invesco Assurance Company under statutory management with immediate effect.
The insurer which has been undergoing financial distress has been barred from entering into any new insurance contracts with effect from August 14, 2024 according to IRA Commissioner of Insurance Godfrey Kiptum.
IRA has further appointed the Policyholders Compensation Fund (PCF) as the Statutory Manager for for the firm.
“The insurer’s existing Policyholders are advised to immediately seek alternative covers from other licensed insurers to ensure that there is no unnecessary exposure,” said Kiptum in a statement.
PCF is now expected to embark on compensation of the affected
claimants as provided for under the Insurance Act, Cap 487 Laws of Kenya.
