A trader counting money. FILE PHOTO | NMG
Thousands of policyholders have snubbed State payout of collapsed Concord Insurance raising questions about the identity of the owners of billions of shilling held by the compensation fund.
Only 30 out of 2,949 policyholders have shown up to claim the Sh250,000 State payout of the insurer that collapsed eight years ago forcing the Policyholders Compensation Fund (PCF) to extend the period for making claims.
Concord’s 2,949 policyholders were supposed to collect Sh247 million.
The fund has collected Sh14 billion to pay claims of companies that have gone bust and have been wound up beginning with Concord.
PCF yesterday started issuing cheques to claimants and said the rest of the funds will be forwarded to the liquidator if claimants do not come forward within two years.
PCF managing trustee William Masita said the fund will now turn to Standard Insurance, also been wound up, to process claimants' payout.
Standard Insurance owes claimants Sh685 million and the fund will settle Sh172 million while United Insurance that has been in receivership for 15 years owes policyholders Sh1.2 billion out of which PCf will pay Sh514 million.
Blueshield Insurance Company that was placed under receivership in September 2011 has Sh2.2 billion claims out of which Sh2 billion will be paid out from the fund.
Other insuarer’s that have gove under over the years include Access Insurance Company, Stallion Insurance Company Ltd, and Lakestar Insurance Company.
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