By Eddah Waithaka
In a press release issued on September 11, the Insurance Regulatory Authority (IRA) informs the public and industry stakeholders that the matter concerning the shareholding of Directline Assurance Company Limited will be addressed through judicial proceedings.
This decision follows concerns that have emerged regarding the company’s operations and governance.
In a news item aired on Citizen TV on September 10, 2024 regarding the alleged closure of Directline Assurance Company Limited by alleged real shareholders. The item stated that Directline Assurance had ceased writing insurance business with immediate effect.
“The company says any further transactions must be made through its original shareholders and has termed a CR12 purporting to have other shareholders as fake and obtained through the backdoor, ” according to the news item.
Consequently, IRA also mentioned that all policies issued by Directline Assurance Company Limited remain in full force and effect and the insurer remains liable for any claims arising thereunder. All policyholders of the insurer may continue to continue to operate in accordance with their policies.
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