The Kenyan Insurance Regulatory Authority (IRA) has taken decisive action against two insurance companies, placing Xplico Insurance Company Limited under statutory management and cancelling the operating license of Invesco Assurance Company Limited.
Existing Xplico policyholders are urged to immediately find new insurance coverage with licensed insurers to avoid any gaps in protection.
“Its existing policyholders are advised to immediately seek alternative covers from other licensed insurers to ensure that there is no unnecessary exposure. The Policyholders Compensation Fund will compensate the affected claimants as provided for under the Insurance Act, CAP 487 Laws of Kenya,” IRA said.
Invesco License Cancelled
“At the same time, the Authority is in receipt of communication from the Official Receiver on his appointment as the Provisional Liquidator of Invesco Assurance Company Limited (the insurer) in Malindi Insolvency Cause No. 1 of 2018 – Darna Charo Nzai & 57 Others VS Invesco Assurance Company Limited, and Nairobi Insolvency Petition No. E015 of 2019 Salesio Kinyua Njagi & 9 Others VS Invesco Assurance Company Limited,” IRA added.
“The Official Receiver has taken over the affairs of Invesco Assurance Company Limited for the purposes of liquidation and the insurer’s licence is cancelled therewith. The insurer is prohibited from issuing any new insurance policies with effect from 8th December 2023.”
Affected claimants can seek compensation through the Policyholders Compensation Fund as stipulated in the Insurance Act.
