The Insurance Regulatory Authority (IRA) has placed three insurance providers under statutory management.
In public statements dated March 10 and signed by the Insurance Commissioner, IRA placed KUSCCO Mutual Assurance Limited, Corporate Insurance Company Limited, and Trident Insurance Company Limited under statutory management, effective 10th March 2026.
Policyholders Compensation Fund (PCF) has been appointed as the statutory manager for all three insurance companies, with the regulator citing the need to safeguard the interests of policyholders, creditors, and the general public, and to allow for an orderly assessment and stabilisation.
“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 stabilisation of the companies’ financial and operational positions,” IRA stated.
“The Policyholders Compensation Fund (PCF) have been appointed to take control of the management and operations of the affected insurers effective 10th March 2026,” they added.
KUSCCO, Corporate and Trident Companies IRA Tave Over
The Authority said it had placed Trident Insurance Company, KUSCCO Mutual Assurance Limited, and Corporate Insurance Company under statutory management in accordance with the provisions of Section 67C(2)(i) of the Insurance Act.
IRA added that KUSCCO Mutual Assurance Limited and the other two insurers would not be authorised to enter into any new insurance contracts from March 11, 2026.
“KUSCCO Mutual Assurance Limited is not authorised to enter into any new insurance contracts from 11th March 2026,” the authority warned in each of the three companies’ statements issued.
The regulator advised existing policyholders to seek alternative covers from other licensed insurers immediately to avoid any unnecessary exposure.
It was also noted that the PCF would compensate affected claimants as provided under the Insurance Act, Cap 487.
“The Policyholders Compensation Fund will compensate the affected claimants as provided for under the Insurance Act, Cap 487 Laws of Kenya,” IRA confirmed.
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Further, IRA stated that the PCF would advise long-term insurance policyholders on the management of their policies.
What the Insurers Cover
KUSCCO Mutual Assurance Company Limited primarily deals in long-term (life) insurance and retirement solutions.
Its core business is life assurance and pensions, targeting SACCO members and the wider public.
Principal activities include:
- Life assurance products (e.g., individual and group life covers)
- Long-term savings/investment-type policies
- Pension schemes and pension administration services under the Retirement Benefits Authority framework
Trident Insurance Company Limited, on the other hand, is a general (non-life) insurer.
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It mainly covers assets, liabilities, and short-term risks, not life insurance or pensions and focuses on short-term insurance products such as:
- Motor insurance (private, commercial, PSV)
- Domestic package (home/property)
- Work Injury Benefits Act (WIBA) covers
- Contractors’ all risks and other engineering covers
- Employer’s liability and other general accident/business policies
Similarly, Corporate Insurance Company Limited is also a general (non-life) insurer.
It typically offers:
- Motor insurance
- Fire and property insurance
- Personal accident and medical (where applicable)
- Various commercial and liability covers (e.g., WIBA, public liability, burglary)
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