Policyholders with Concord Insurance Company Ltd (in liquidation) will be paid after an eight-year wait, the Policyholders Compensation Fund has announced. At least 1, 572 claimants will benefit from the payments, with PCF expected to spend Sh392 million. The maximum compensation payable by the Fund on any single claim is Sh250,000. Concord Insurance Company was placed under statutory management on March 6, 2013, after running into financial difficulties rendering it unable to pay claims and other financial obligations. PCF Managing Trustee William Masita on Monday said the Fund has commenced compensation of claimants for companies that have been declared insolvent and whose liquidation process has been approved by the courts.

Source: The Star March 09, 2021 14:03 UTC