Kenya: Invesco Placed Under Statutory Management By IRA

Nairobi — The Insurance Regulatory Authority (IRA) has placed Invesco Assurance Company Limited under statutory management, meaning that the running of the company will now be under the regulator.

IRA has also appointed the Policyholders Compensation Fund (PCF) to oversee functions of the beleaguered insurer.

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…