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.

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