IRA takes over Trident Insurance, two others in compliance crackdown

Insurance Regulatory Authority (IRA)acting CEO Godfrey Kiptum. [File, Standard]

Insurance regulator has placed three companies under statutory management, shutting their operations and barring them from writing new policies with immediate effect.

The Insurance Regulatory Authority (IRA) on Wednesday said it had placed Trident Insurance Company, KUSCCO Mutual Assurance Limited and Corporate Insurance Company under statutory management under Section 67C(2)(i) of the Insurance Act.

"The IRA has placed Trident Insurance Company, KUSCCO Mutual Assurance Limited and Corporate Insurance Company under statutory management in accordance with the provisions of Section 67C(2)(i) of the Insurance Act," the authority said.

The regulator appointed the Policyholders Compensation Fund (PCF) as statutory manager for all three firms and barred them from entering into new insurance contracts effective  March 11.

"The insurers' existing policyholders are advised to immediately seek alternative covers from other licensed insurers to avoid unnecessary exposure," noted IRA.

The authority said all affected claimants would be compensated by the PCF, and urged policyholders with active contracts to review them immediately.

The placement under statutory management signals that the three firms had become financially unstable or failed to meet IRA compliance requirements.

KUSCCO Mutual Assurance, a subsidiary of the Kenya Union of Savings and Credit Cooperatives (KUSCCO), offered long-term life insurance and retirement solutions to individuals and groups.

The move comes a day after the Retirement Benefits Authority renewed KUSCCO's licence to manage pension schemes, despite a financial scandal at the parent organisation.

Trident Insurance, founded in 1982, focused on general insurance covering individuals, motor vehicles and property.

The company had faced repeated complaints over unpaid claims, unmet financial obligations and bounced cheques.

In September 2025, Peter Okiro and Geoffrey Kamau wrote to the IRA chief executive demanding the revocation of its licence over a pending unsettled claim.

Corporate Insurance Company, also incorporated in 1982, offered general and travel insurance from offices in Nairobi, Mombasa and Kisumu counties, covering motor vehicles, property and commercial liability risks.