The Pensions and Insurance Authority says it intends to commence partial payments of claims by 31st March 2020, following the liquidation of Focus Life Assurance and A Plus Life Assurance in 2017.
Speaking at a Press briefing, PIA Registrar Christopher Mapani said the two liquidators affected in excess of 1,800 policyholders under Focus Life Assurance and 780 under A Plus Life Assurance respectively.
Mr. Mapani added that the total value of policyholder liabilities is estimated at K7.5 million in respect of Focus Life Assurance and K1.92 million for A Plus Life Assurance.
He said the Authority expects to raise about K1.3 million from the disposal of Focus Life Assurance assets and K332, 000 for A Plus Life Assurance.
“Evidently, the proceeds from the sale of assets are insufficient to meet the outstanding claims,” Mr. Mapani said.
Mr. Mapani urged claimants to wait for further guidance from the authority on when they can make their claims.
Meanwhile, Mr. Mapani disclosed that another Insurance Company Windsor General Insurance Limited formerly Focus General Insurance was also placed under compulsory liquidation on 2nd January, 2020 on account of failure to meet solvency requirements as provided under the Insurance Act.
He said the company was not licensed in 2019 and subsequently failed to recapitalize.
“The Authority is currently taking stock of the company’s assets and liabilities and policyholders and creditors will be invited to lodge their claims in due course,” he stated.