The placement of Kuscco Mutual Assurance under statutory management has complicated the sale of the insurer, dealing a blow to saccos that had converted their claims worth Sh660 million into shares of the troubled firm.
On Monday, the Insurance Regulatory Authority (IRA) placed Kuscco Mutual –a subsidiary of saccos’ umbrella body, Kenya Union of Savings & Credit Co-operatives Ltd (Kuscco)— into statutory management.
