Invesco Assurance Company Ltd has been placed under liquidation, the Insurance Regulatory Authority has announced.
In a statement dated February 24, 2023, IRA said that Invesco Assurance Company Limited was placed under liquidation through a court order on February 6, 2023.
“Invesco Assurance Company Limited has been placed under liquidation through a Decree of the Court dated 6th February 2023 issued in the High Court at Nairobi in Insolvency Petition No. E155 of 2019 – In the Matter of Winding Up Invesco Assurance Company Limited,” IRA stated.
The Court has further appointed the Official Receiver as the Provisional Liquidator.
Following this Court Decree, Invesco Assurance Company Limited is stopped from issuing insurance policies and therefore not authorized to enter into any new contracts of insurance.
“The Policyholders Compensation Fund will compensate the affected Claimants as provided for in Section 179 of the Insurance Act Cap 487 Laws of Kenya,” IRA added.
Invesco joins Concord Insurance Company Limited and Standard Assurance Kenya Limited in liquidation.
Invesco Assurance was incorporated in 1997 and has been the oldest operating PSV underwriter in the country.
IRA has since 2019 rejected the company’s financial performance reports over “data inconsistency and non-compliance with submission requirements”.
In 2018, Invesco collected Ksh1.5 billion in premiums and controlled a market share of 1.2 percent of general insurance premiums.
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