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Court gives regulator nod to wind up Blue Shield
The Commissioner of Insurance has been allowed to commence the winding up process of Blue Shield Insurance two months after its shareholders failed to deposit Sh600 million to revive it.
Shareholders had filed an application seeking to stop the Insurance Regulatory Authority (IRA) from liquidating the collapsed insurer, claiming that it was a ploy by Commissioner of Insurance Sammy Makove to defeat an ongoing probe into alleged embezzlement of funds by IRA officials.
Granting the winding up plea filed under a certificate of urgency by lawyer Ben Millimo, Justice Charles Kariuki directed the case be mentioned on May 10.
The court also extended Mr Makove's term - which was to end today - by two months to enable him prepare and file a winding up petition.
The IRA board had resolved on Monday this week to have the underwriter wound up.
Once one of Kenya's leading insurers, the firm was placed under statutory management on September 16, 2011 after years of complaints by clients over delayed claims.
