Policyholders Compensation Fund (PCF) has rolled out a sensitization campaign that seeks to create awareness among members of the public.
Members of the public will be able to lodge policy compensation claims with insurance companies that have been declared insolvent among other policy framework issues.
Speaking in Eldoret during the PCF engagement forum with members of the media, PCF Deputy Director Rosemary Kavili said many Kenyans lack information on the functions of the body that’s mandated to provide safety measures for consumers in the insurance sector.
“We have come to Uasin Gishu County to do sensitization of the public through the media fraternity about the policyholder’s Compensation Fund which was created with the mandate of compensation. All policyholders are called upon to forward their claims so that they are compensated.” Said Kavili.
Rosemary further said that sensitization forums with various stakeholders will be held to champion public awareness about the existence of the compensation funds.
“We have met the media today and we have plans to meet other stakeholders including the boda-boda riders, matatu operators, various organizations including the Kenya National Union of Teachers(KNUT), Kenya Union of Post Primary Education Teachers (KUPPET), Women and Youth Groups, People with Disabilities among others. PCF is not known amongst members of the public, hence there is a need for sensitization and awareness of the PCF where everyone will know the role and the mandate of the PCF,” added Rosemary.
Policyholders Compensation Fund is currently compensating the now insolvent Resolution and Standard Assurance companies.
Resolution Insurance company which was closed the previous year has been compensated 53.9 million, while Concord Insurance Company and Standard Assurance Company have been compensated 8.7 and1.6millionrespectively.
All policyholders are set to receive Ksh. 250,000 within a 2 years timeframe, an amount that might be increased due to the current economy of the state.