Invesco Assurance Company placed under statutory management

The Insurance Regulatory Authority (IRA) has placed Invesco Assurance Company Limited under statutory management, effectively transferring the control and operation of the company to the regulator.

The Authority has appointed the Policyholders Compensation Fund (PCF) as the Statutory Manager for Invesco Assurance Company Limited (under statutory management).

“Invesco Assurance Company Limited (under statutory management) is not authorized to enter into any new insurance contracts from 14th August 2024,” said IRA

Existing policyholders are advised to promptly seek alternative coverage from other licensed insurers to avoid unnecessary risk.

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

In December last year, the authority placed the same firm under liquidation, a process that involves winding up a business operations and selling assets to compensate shareholders and creditors. However, this order was lifted following a court ruling in January this year.