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Policyholders of Trident and two failed insurers to get payouts from July
The increased insurance compensation now matches the maximum Sh500,000 per-customer compensation that the Kenya Deposit Insurance Corporation (KDIC) gives affected customers when a bank collapses.
The customers of the three collapsed insurers – Trident Insurance Company, Kuscco Mutual Assurance Limited, and Corporate Insurance Company – which were placed under statutory management earlier this month, will start receiving up to Sh500,000 in compensation from mid-July this year.
The Policyholder Compensation Fund (PCF), which has taken over the operations of these three insurers, said it will start receiving claims in about two to three weeks and commence compensation payments after a 90-day processing window. This means that the reparation payout could begin around mid-July.
