On the December 8, 2023 the Insurance Regulatory Authority (IRA) placed Xplico Insurance under statutory management while it put Invesco Assurance Company under liquidation.
Policyholders Compensation Fund (PCF) were appointed as statutory managers for Xplico Insurance.
Based on a ruling in Malindi High Court that declared Invesco insolvent, the IRA proceeded and placed Invesco under liquidation.
On December 11, 2023 however Dama Charo Nzai and 57 others entered a consent order reverting the Invesco back to its’ board of directors.
The orders indicated that the taking over of Invesco Insurance is “null and void” and that the official receiver do vacate the premises of Invesco and remove its’ officers and agents.
The management of Invesco Insurance do revert back to its owner – the board of directors and the order directed IRA to retract, in a prominent way, the press release announcing placing Invesco under liquidation.