PCF begins payments of Xplico Insurance policyholders

Source: Capital FM Kenya
Author: Phidel Kizito

NAIROBI, Kenya, June 4 - Policyholders Compensation Fund (PCF) has begun payments and compensation of policy holders of Xplico insurance.

In a public notice, PCF directed all the affected parties to fill the online claims form on its website beginning June 4.

"Notice is hereby given that the Policyholders Compensation Fund in exercise of the powers conferred under section 179 of the Insurance Act and the Policyholders Compensation Fund Regulations 2010, has commenced payment of compensation to policyholders and claimants of Xplico Insurance Company Limited (under Statutory Management),"read the notice in part.

It added that the maximum amount payable to each policy holder is capped at sh 250,000 per claim based on the statutory limits.

Likewise, the compensation Fund warned that policyholders who fail to make a claim for compensation within two years from the date of notice publication shall not be entitled to claim any compensation.

In December last year, Insurance Regulatory Authority (IRA) placed Xplico Insurance under statutory management.

IRA had appointed PCF) to manage the insurer.

"The insurer is prohibited from issuing any new insurance contracts from 8th December 2023," IRA said in a statement.

"Its existing Policyholders are advised to immediately seek alternative covers from other licensed insurers to ensure that there is no unnecessary exposure," it added.