PCF Mtaani Engagement in Kitui County
The Policyholders Compensation Fund (PCF) engaged stakeholders in Kitui County through the PCF Mtaani outreach initiative.
The forum created awareness on PCF’s mandate, policyholder protection, and the process of lodging claims when an insurance company is placed under statutory management.
The engagement also provided an opportunity to address public concerns, answer key questions, and empower claimants with the information needed to take appropriate action.
#PCFMtaani #PCFMtaaniKitui
PCF Enhances Policyholder Protection Through Increased Compensation Limit
The Policyholders Compensation Fund (PCF) marked a key milestone in policyholder protection with the enhancement of the maximum compensation payable on a single claim from KSh. 250,000 to KSh. 500,000.
This development reflects the Fund’s continued commitment to strengthening public confidence in the insurance sector and providing greater financial protection to policyholders and claimants in the event of insurer failure.
The enhanced compensation limit reinforces PCF’s mandate of safeguarding policyholders, supporting stability in the insurance industry, and promoting trust in insurance as a reliable tool for financial security.
#PCF #PolicyholderProtection
The Policyholders Compensation Fund (PCF) has continued its efforts to sensitize the public on matters of compensation.
This week, the team is conducting outreach activities in Nyeri County under the #PCFMtaani program initiative. On Tuesday, the Fund engaged local journalists, recognizing the vital role the media plays in disseminating accurate information to the public.
This engagement aims to empower the fourth estate with the knowledge needed for accurate and responsible reporting on insurance and compensation issues.
#PCFMtaaniNyeri #MediaEngagement
PCF Engages Boda Boda Riders on Insurance Compensation
PCF today held an interactive sensitization forum with Boda Boda riders. The session focused on raising awareness about the role of PCF in protecting policyholders in the event of an insurer's collapse.
This is part of PCF’s broader mission to promote financial literacy and ensure that all affected policyholders receive the compensation they are entitled to.
PCF is currently compensating claims from policyholders of Xplico Insurance, Invesco Assurance, Blue Shield Insurance, and United Insurance Company. Policyholders who have valid claims but are yet to lodge them are urged to do so through PCF.
The Fund remains committed to safeguarding the interests of policyholders and enhancing public trust in the insurance sector.
Placement of Xplico Insurance Companies Limited under Statutory Management and Invesco Assurance Company Limited in Liquidation.
NAIROBI, Kenya, 8th December – 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.
RESOLUTION INSURANCE COMPANY LIMITED (UNDER STATUTORY MANAGEMENT)
PURSUANT to the appointment of the Policyholders Compensation Fund (PCF) as Statutory Manager for Resolution Insurance Company Limited by the Commissioner of Insurance in exercise of his powers under section 67 C (2) (i) of the Insurance Act dated 5th April 2022, the