Learn why Xplico Insurance is under liquidation.
Today, under Section 67C(2)(i) of the Insurance Act, the Insurance Regulatory Authority has placed Xplico Insurance Company Limited under Statutory Management.
As a result, the Policyholders Compensation Fund (PCF) has been immediately appointed as the Statutory Manager for Xplico Insurance Company Limited.
Xplico Insurance Under Liquidation
The insurer is prohibited from issuing new insurance contracts starting December 8, 2023.
Existing policyholders are strongly advised to promptly secure alternative coverage from other licensed insurers to mitigate any unnecessary exposure.
Additionally, in a related development, the Authority has received communication from the Official Receiver regarding their appointment as the Provisional Liquidator of Invesco Assurance Company Limited.
Malindi Insolvency Cause No. 1 of 2018- Xplico Insurance Under Liquidation
This appointment stems from the 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 assumed control of Invesco Assurance Company Limited’s affairs for liquidation, leading to the cancellation of the insurer’s license. Effective December 8, 2023, the insurer is prohibited from issuing new insurance policies.
Similar to the Xplico case, existing policyholders of Invesco Assurance Company Limited are urged to promptly seek alternative coverage from other licensed insurers to minimize any potential exposure. The Policyholders Compensation Fund will step in to compensate affected claimants by the provisions outlined in the Insurance Act, Cap 487 Laws of Kenya.
The post Insurance Regulatory Authority places Xplico Insurance Under Liquidation appeared first on Cyprian Nyakundi.