The Insurance Regulatory Authority (IRA) has placed three insurance companies, Trident Insurance Company, KUSCCO Mutual Assurance Limited, and Corporate Insurance Company, under statutory management, effectively shutting down their operations and preventing them from issuing new policies as of March 11.

• The Policyholders Compensation Fund (PCF) has been appointed as the statutory manager for all three firms.
• The IRA has advised existing policyholders to immediately seek alternative coverage from other licensed insurers.
• The action signifies that the companies were either financially unstable or failed to meet IRA's compliance requirements, with Trident Insurance having faced past complaints regarding unpaid claims.