Mr. Long’et Terer has been appointed as the interim liquidator to oversee the winding down of Resolution Insurance Company Limited’s affairs.
Creditors of Resolution Insurance are urged to file their claims promptly with the interim liquidator to ensure they are included in any potential distributions of the company’s remaining assets. Specific procedures and deadlines for claim filing will be announced by Mr. Terer in due course.
The Insurance Regulatory Authority (IRA) placed Resolution Insurance under statutory management in 2022 due to its financial concerns.
“Despite the various intervention measures taken as provided for by the Insurance Act, Resolution Insurance Company Limited has continued to slide into operational and financial difficulties,” IRA said in a statement.
“In particular, the company is not able to settle claims to the detriment of claimants, policyholders, and other creditors.”
“The insurer is also not able to comply with statutory requirements relating to capital adequacy, submission of returns, and governance structures.”
Xplico Placed Under Statutory Management, Invesco License Cancelled
