Focus and A Plus Insurance Companies Liquidated
The Pensions and Insurance Authority (PIA) has with immediate effect closed down Focus Life Assurance Limited and A Plus Assurance Limited and placed them under compulsory liquidation.
This is according to a statement issued by PIA in which the Authority stated it made this decision in consideration of the statement of affairs of the assets and liabilities of both insurance companies which revealed that both entities were insolvent.
The PIA has followed various legislation and regulations that govern this financial sector through the Insurance Act of 1997 and the Banking and Financial Services Act.
There are a lot of policyholders and service providers who will be affected by this turn of events but the PIA has assured these and other stakeholders of considering their interests.
“Stakeholders (including any directors, shareholders, other owners, policy holders and creditors) in the two companies have been given 30 days in which to file in any objection to the action taken by the Authority,” the statement read.
The closing down of players in the financial sector is one way of ensuring that client’s assets are secured especially when it relates to the solvency of the company which should ensure security in the financial market.
This is according to a statement issued by PIA in which the Authority stated it made this decision in consideration of the statement of affairs of the assets and liabilities of both insurance companies which revealed that both entities were insolvent.
The PIA has followed various legislation and regulations that govern this financial sector through the Insurance Act of 1997 and the Banking and Financial Services Act.
There are a lot of policyholders and service providers who will be affected by this turn of events but the PIA has assured these and other stakeholders of considering their interests.
“Stakeholders (including any directors, shareholders, other owners, policy holders and creditors) in the two companies have been given 30 days in which to file in any objection to the action taken by the Authority,” the statement read.
The closing down of players in the financial sector is one way of ensuring that client’s assets are secured especially when it relates to the solvency of the company which should ensure security in the financial market.