Court faults IRA for ‘sudden’ cancelation of policies

The High Court has faulted the Insurance Regulatory Authority (IRA) for invalidating insurance policies held by customers of three insurers without allowing affected policyholders to be heard. The court ruled that the Commissioner of Insurance acted outside the statutory parameters when he issued a directive on March 10, 2026, affecting Trident Insurance Company Ltd, KUSCCO Mutual Assurance Ltd, and Corporate Insurance Co. Ltd.