Kenya: IRA Names Caretaker Board to Revive Insurer

5 November 2013

Nairobi — The Insurance Regulatory Authority (IRA) has appointed a caretaker board to oversee the revival of United Insurance Company (UIC) which is still under statutory management, in the next six months. UIC was placed under statutory management in 2005 following financial woes which led to its inability to settle claims of up to Sh2 billion.

The board has been given the mandate put in place operational structures and see firm lifted from statutory management in the given period. The board will among other things establish a framework for the process of matching the assets with existing liabilities of the company with a view to eventually settle claims.

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