Placement of Invesco Assurance Company Limited Under Statutory Management
Policyholders have been advised to seek alternative covers from other licensed insurers immediately to ensure no unnecessary exposure.
The Insurance Regulatory Authority (IRA), in a proactive move, has placed Invesco Assurance Company Limited under Statutory Management pursuant to Section 67C (2) (i) of the Insurance Act.
This placement has taken effect on August 14, 2024. Following the state of affairs within the Company, IRA has appointed the Policyholders Compensation Fund (PCF) as the renowned insurer's Statutory Manager.
In line with the liquidation of Invesco Assurance Company Limited (under Statutory Management), the Authority has prohibited the insurer from securing any new insurance contracts from August 14, 2024, as we advance.
Policyholders have been advised to seek alternative covers from other licensed insurers immediately to ensure no unnecessary exposure.
Taking the situation into account, the Policyholders Compensation Fund will compensate the affected claimants as per the Insurance Act, Cap 487 Laws of Kenya.
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