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Government and Policy

Xplico Put Under Statutory Management, Invesco Put In Liquidation

BY Soko Directory Team · December 8, 2023 03:12 pm

The Insurance Regulatory Authority has today, as per Section 67C(2)(i) of the Insurance Act, placed Xplico Insurance Company Limited under Statutory Management.

Consequently, the Authority has with immediate effect appointed the Policyholders Compensation Fund (PCF) as the Statutory Manager for Xplico Insurance Company Limited. The insurer is prohibited from issuing any new insurance contracts from 8th December 2023.

Its existing Policyholders are advised to immediately seek alternative covers from other licensed insurers to ensure that there is no unnecessary exposure.

Read Also: Your Motor Insurance Claim May Be Rejected Because Of The Following Reasons

The Policyholders Compensation Fund will compensate the affected Claimants as provided for under the Insurance Act, CAP 487 Laws of Kenya.

At the same time, the Authority received 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 – Dama 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.

The Official Receiver has taken over the affairs of Invesco Assurance Company Limited for liquidation and the insurer’s license is canceled therewith. The insurer is prohibited from issuing any new insurance policies with effect from 8th December 2023.

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.

Read Also: Nairobi Declaration on Sustainable Insurance Nets More Members

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