Invesco Assurance Company, the firm offering covers to public service vehicles, has been placed under liquidation after it defaulted on paying claims running into millions of shillings.
In a notice on Friday, the industry regulator directed the insurer to immediately stop entering into new insurance contracts following the High Court ruling.
“Invesco Assurance Company 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,” said Godfrey Kiptum, the Insurance Regulatory Authority (IRA) commissioner of insurance and chief executive.
“Following this court decree, Invesco Assurance Company is stopped from issuing insurance policies and therefore not authorised to enter into any new contracts of insurance.”
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