The government has taken control of three insurance companies after placing them under statutory management.
In a notice on Wednesday, March 11, the Insurance Regulatory Authority (IRA) announced that Trident Insurance Company Limited, KUSCCO Mutual Assurance Limited, and Corporate Insurance Company Limited were placed under statutory management effective Monday, March 10.
The regulator explained that the action was taken to protect stakeholders while authorities review the companies' financial and operational standing.
"This regulatory action has been taken to safeguard the interests of policyholders, creditors, and the general public, and to allow for an orderly assessment and stabilization of the companies’ financial and operational positions," the notice read.
IRA stated that management of the three insurers had been handed over to a government compensation body tasked with overseeing operations during the intervention period.
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"The Policyholders Compensation Fund (PCF) have been appointed to take control of the management and operations of the affected insurers effective 10th March 2026," the notice added.
As part of the intervention measures, IRA has also barred the affected insurers from issuing new policies beginning March 11, 2026.
According to the regulator, Trident Insurance Company Limited, KUSCCO Mutual Assurance Limited, and Corporate Insurance Company Limited are no longer authorized to enter into any new insurance contracts until further notice.
Existing policyholders have been advised to immediately seek alternative insurance cover from other licensed insurers to avoid exposure in the event their current policies cannot be serviced.
The regulator added that the Policyholders Compensation Fund (PCF), which has been appointed as the statutory manager, will handle compensation for eligible claimants.
For policyholders with long-term insurance products, the fund will also provide guidance on how such policies will be managed during the statutory management period.
This comes months after IRA announced the deregistration of 20 insurance brokerage firms.
In a statement on Friday, July 18, 2025, the IRA said the deregistration of the insurance firms is pursuant to Section 196(A) of the Insurance Act.
The authority noted that the firms ceased transacting business on June 30, 2025, and their deregistration was published in the Kenya Gazette dated July 18, 2025.
"The Insurance Regulatory Authority (IRA) hereby notifies the public of the de-registration of twenty (20) insurance brokers pursuant to Section 196(A) of the Insurance Act (Cap. 487).
"The entities ceased transacting insurance business with effect from 30th June 2025, as published in the Kenya Gazette dated 18th July 2025," the statement read.
The deregistered insurance brokerage firms include African Continent Insurance Brokers Limited, Andalus Insurance Brokers Limited, Allied Insurance Brokers Limited, Alpha-Levits Insurance Brokers Limited, Arkchoice Insurance Brokers Limited, and Berkley Insurance Brokers Limited.
Others are Bilan Insurance Brokers Limited, Blossom Insurance Brokers Limited, Fides Insurance Brokers Limited, Harbinger Insurance Brokers Limited, Homeland Insurance Brokers Limited, Ibsa Insurance Brokers Limited, Khushal Insurance Brokers Limited, and Legacy Insurance Brokers Limited.
IRA also deregistered Masumali Meghji Insurance Brokers Limited, Nexus Insurance Brokers Limited, Online Insurance Brokers Limited, Real Alliance Insurance Brokers Limited, Solian Insurance Brokers Limited, and Swinton Insurance Brokers (K) Limited.
