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What happens when an insurance firm collapses
IRA steps in prioritising protection of policyholders from the risk of a disorderly collapse since they have put in their money in the form of premiums. A sudden collapse could leave customers completely exposed.
A growing number of insurance firms in Kenya have been placed under statutory management, sparking confusion and anxiety among customers.
The law allows the Insurance Regulatory Authority (IRA) to step in through statutory management in a bid to stabilise struggling insurers and protect customers.
