By Ken Muthomi - Reporter
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Kenya, 12 May 2026 - The Policyholders Compensation Fund (PCF) has begun the compensation payments of policyholders and claimants of Corporate Insurance Company Limited, which was placed under Statutory management.
In a notice, PCF said that the compensation process has been initiated in line with Section 19 of the Insurance Act and the Insurance (Policyholders Compensation Fund) Regulations, 2010.
Policyholders and claimants with unsettled claims from the company have been urged to submit their compensation applications through the PCF’s online claims portal, which officially opened on Tuesday, 12 May 2026.
Applicants shall first be required to visit the PCF website, access the portal under the online service section, and register for an account.
The applicants shall also be required to fill in the online claim form with all the required supporting documents, according to the fund.
Upon successfully applying and submitting through the portal, the applicant will then receive an email containing a claim number to track the compensation.
“A policyholder or claimant who does not make a claim for compensation within two (2) years from the date of publication of this notice shall not be entitled to claim any compensation,” the statement stated.
“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 Ksh500,000 per claim based on the statutory limits,” it added.
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The Policyholders Compensation Fund (PCF) compensates insurance policyholders and claimants when an insurance company is legally declared insolvent, has its license cancelled, or is placed under statutory management.
The fund is financed through a 0.5% levy on insurance premiums, paid by both insurers and policyholders. It does not cover reinsurance policies or pension schemes.
The Corporate Insurance Company Limited was among three insurance companies put under statutory management effective 10 March 2026, by the Insurance Regulatory Authority (IRA) due to severe financial distress, insolvency, and failure to meet regulatory solvency requirements.
Other companies that were put under statutory management include the KUSCCO Mutual Assurance Ltd and the Trident Insurance Company Ltd.
Policyholders of the three firms were encouraged to transition to other licensed insurance firms to avert losses since the three companies cannot issue any new insurance policies.
“The Insurance Regulatory Authority has placed Trident Insurance Company, KUSCCO Mutual Assurance Limited, and Corporate Insurance Company under statutory management in accordance with the provisions of Section 67C(2)(i) of the Insurance Act,” the IRA announced.