The Policyholders’ Compensation Fund lands in Nakuru with new campaign dubbed ‘PCF Mtaani’
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Policyholders’ Compensation Fund (PCF) has set up camp in Nakuru County in a new campaign to educate the public on its mandate and functions in order to increase the public’s confidence in the insurance sector.
The campaign dubbed “PCF Mtaani” will traverse across all counties with a target of calling upon the public to come forward and lodge their claims with PCF for those members of the public who had claims with Resolution Insurance Company Limited (Under Statutory Management) and Standard Assurance Company (Under Liquidation).
The Five-Day campaign will see PCF meet with special interest targeted groups that include Media, Insurance Agents, Boda Boda Riders, Matatu owners and other stakeholders including the DCCs/Chiefs, Business Community, Kuppet, Knut, Women, Youth, Religious groups and Co-operatives to sensitize them.
Speaking in Nakuru on Monday during a sensitization meeting for journalists, Deputy Director Corporate Communication at PCF Rosemary Kavili said the move is part of the strategic plan to increase the level of awareness of the PCF’s mandate and functions.
She urged journalists to be in the forefront in creating awareness on the need of members of the public to come forward and lodge their claims for insurance compensation.
“Media plays a key role in creating awareness on various issues and that is why we are engaging them as first stakeholders before moving onto other stakeholders,” said Ms Kavili.
The maximum amount for compensation is currently gazetted as KES 250,000 per claim.
Other stakeholders in Nakuru to be sensitized by Thursday 28 September 2023 are bodaboda operators, Matatu owners, Insurance agents, Religious leaders, business community and administrators.
It should be noted that the Fund launched compensation for policyholders of collapsed insurers on 10th March, 2021 following an amendment to the Insurance Act in 2019.
Prior to the amendment, compensation for policyholders and claimants only commenced upon a collapsed insurer being fully wound up in court.
Due to delays in the winding up process for insurers in court, policyholders were unable to lodge claims for compensation and were thus unable to receive any reprieve from compensation for their claims with the collapsed insurers.
The Fund spearheaded the amendment of the Insurance Act to replace the requirement for winding up with a requirement for insurers to be placed under statutory management or have their licenses revoked for compensation to commence.
As at 30th June, 2023, the status of compensation by the Fund for insurers under Statutory Management and Liquidation is as follows: Resolution Insurance Company Limited
Seven Hundred and Twenty-Four (724) claimants have so far been compensated amounting to Ksh. 82.21 million.
Concord Insurance Company Limited
Forty-Five (45) claimants have so far been compensated amounting to Ksh.9.02 million.
Standard Assurance Company Limited
Nine (9) claimants have so far been compensated amounting to Ksh.1.95 million.
Nakuru County is the Third (3rd) County the Fund is engaging with its stakeholders since the launch of PCF Mtaani sensitization engagements forum which is scheduled to be conducted in all the 47 counties.
The next sensitization engagements by PCF will be in Kisumu County.
The sensitization engagement forums seek to enhance the publics’ understanding and knowledge about PCF which provides a last-resort protection scheme for policyholders and claimants when insurance companies collapse as well as give confidence to insurance policyholders and claimants
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