The Policyholders’ Compensation Fund (PCF) has set up camp in Kajiado County in a new campaign to educate the public on its mandate and functions in order to increase the public’s confidence in the 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 BlueShield Insurance Company Limited; United Ins. Co. (Under liquidation) and Xplico Insurance Company (Under Statutory Management).
Currently, the Fund is compensating the above three companies insurance sector.
Rosemary Kavili Deputy Director, Corporate Communications PCF said the Four-Day campaign will see PCF meet with special interest targeted groups that include 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.
The authority held a workshop with journalist in Kajiado County where they were urged to call on members of the member who were insure in the three insurance companies to launch their claims.
PCF said the move is part of the strategic plan to increase the level of awareness of the PCF’s mandate and functions as well as calling members of the public to come forward and lodge their claims for insurance compensation. The maximum amount for compensation is currently gazetted as KES 250,000 per claim.
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The Fund launched compensation for policyholders of collapsed insurers on 10th March, 2021 following an amendment to the Insurance Act in 2019. Worth noting is that prior to the amendment, compensation for policyholders and claimants only commenced upon a collapsed insurer being fully would up in court.
PCF is a State Corporation under the National Treasury and Economic Planning that was established under Section 179 of the Insurance Act (CAP 487, Laws of Kenya) and operationalized through the Legal Notice No. 105 of 2004.
PCF was established to provide compensation to claimants of an insurer that has been put under statutory management or whose license has been cancelled and for the secondary purpose of increasing the general public’s confidence in the insurance sector. PCF commenced operations on 1st January 2005.
By Obegi Malack
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