Nairobi — The Commissioner of Insurance has extended the statutory management period for Invesco Assurance Company Limited for an additional six months, effective from February 14, 2025.

The Commissioner of Insurance, in a notice to the public, stated that the extension follows ongoing efforts to stabilize the insurer's financial and operational position.

The Policyholders Compensation Fund (PCF) will continue to serve as the Statutory Manager during this period, ensuring that regulatory and operational matters are addressed as required by law.

"The Public is hereby notified that the Commissioner of Insurance, in exercise of his powers under Section 67C (2) of the Insurance Act, Cap 487, has extended the Statutory Management period for Invesco Assurance Company Limited for a further six (6) months, effective from 14th February 2025," read the notice in part.

The Insurance Regulatory Authority (IRA) had, in August last year, placed Invesco Assurance Company under statutory management.

IRA had appointed PCF to oversee the functions of the beleaguered insurer.

In December 2023, the authority placed the same firm under liquidation, a process that involves winding up business operations and selling assets to compensate shareholders and creditors.