Kenyans who were hit by the closure of United Insurance Company Limited will begin receiving payback from the government.
The Policyholders Compensation Fund (PCF), a state corporation under the National Treasury and Economic Planning, has announced that it has initiated the compensation process.
Moreover, beneficiaries of the payback are claimants and Policyholders of United Insurance Company Limited, which is currently under liquidation.
The Fund’s primary role is to compensate claimants of insurers whose licenses have been revoked or placed under statutory management.
“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 United Insurance Company Limited (under Liquidation),” PCF announced.
Also Read: Govt Begins Compensation of Select Farmers; How to Apply
PCF Outlines to Kenyans the Conditions for Receiving Payback
At the same time, the Policyholders Compensation Fund has indicated that it will issue compensation only for claims of incidents or accidents that occurred after January 1, 2005.
This is because it is the material date of the Funds establishment.
In addition, a policyholder who does not make a claim for compensation within two years from the date of notice publication will not be entitled to claim any compensation.
Also, the maximum amount payable has been capped at Ksh250,000 per claim based on the statutory limits.
“The process of verification and approval for payment will be done in line with the Fund’s guidelines and procedures with the maximum amount payable capped at Ksh250,000.00 per claim based on the statutory limits,” added the statement.
Also Read: International Insurance Company Scamming Kenyans Exposed
How to Apply for Compensation
Further, PFC has announced that the process will begin from Tuesday, August 27.
Therefore, policyholders and claimants affected by the closed down insurance company have been directed to take immediate action.
Those submitting applications for the compensation have been directed to visit the PCF website by navigating to www.pcf.go.ke.
- Navigate to Online Services, locate, and click on the Claims Portal.
- Register for an account on the Claims Portal by following the provided instructions to set up your account.
- Fill out the online claim form with accurate information and ensure that you attach all the necessary documents as outlined in the claims process section.
- Upon successful application and submission in the portal, you will receive an email notification.
United insurance was placed under statutory management in 2005 after going under leaving thousands of policyholders in limbo.
In 2021, one of the owners of the company Peter Mwangi and two ex-workers were arrested after they attempted to forceful takeover of the firm from Kenya Re Insurance, the statutory manager.
According to a report from the Insurance Fraud Investigation Unit, the individuals were acting on an advisory from the Attorney-General office to persuade an out-of- courts settlement over the closure of the firm.
PCF had since been processing paybacks for the thousands affected by the closure of the company.
Follow our WhatsApp Channel for real-time news updates:
https://whatsapp.com/channel/0029VaB3k54HltYFiQ1f2i2C
