Resolution Insurance has been placed under statutory management following its inability to settle customer claims to the detriment of policyholders and creditors
Insurance Regulatory Authority (IRA) has appointed Policyholders Compensation Fund as the statutory manager for 12 months starting April 5, 2022
The crisis-saddled insurer is also unable to meet statutory requirements including capital adequacy as well as submission of returns
Industry regulator IRA says that whereas some initiatives to salvage the underwriter such as injection of fresh capital have been undertaken, the plan has not been successful
Consequently, Resolution Insurance is now barred from transacting any new underwriting business
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