The Insurance Regulatory Authority (IRA) has reversed a decision by Directline Assurance that had temporarily stopped the issuance of new policies.
The Insurance regulator clarified that the issue concerning Directline Assurance’s shareholding is currently awaiting determination in court, but this does not affect the company’s operations.
"According to the Insurance Act (CAP 487) of Kenyan law, there is a clear legal process for closing or winding up an insurance company." IRA CEO Godfrey Kiptum said in a statement.The IRA confirmed that all existing policies issued by Directline Assurance remain valid and enforceable, ensuring that the insurer is still liable for any claims made under those policies. The IRA reassured policyholders that they can continue with their coverage and operations as outlined in their contracts.
