President William Ruto, through Cabinet Secretary Njuguna Ndung'u, on Friday, May 19, revoked the appointment of Victor Pratt, brother-in-law to former President Uhuru Kenyatta.
In a statement, the CS also revoked the appointment of Reuben Ndegwa while reshuffling the Board of Directors of the Policyholders Compensation Fund.
The CS appointed Simon Mbugua as the new chairperson to replace Pratt.
Mbugua is a former East Africa Legislative Assembly (EALA) Member of Parliament and a close ally of President Ruto.
In the 2022 General Election, Mbugua trounced Charles Njagua Kanyi in the United Democratic Alliance (UDA) primaries only to lose to Jubilee's Amos Mwago in the Starehe parliamentary race.
Njuguna also appointed Tiberious Shikuku as a member of the Policyholders Compensation Fund to serve for three years, effective Friday, May 19, 2023.
"In exercise of the powers conferred by section 179 (4) (a) of the Insurance Act, as read together with section 51 (1) of the Interpretation and General Provisions Act, the Cabinet Secretary for the National Treasury and Economic Planning appoint the aforementioned to be members of the Board of Directors of the Policyholders Compensation Fund, for a period of three (3) years," read part of the statement.
Meanwhile, Pratt, originally from Liberia and a nephew of William Tubman, is married to Uhuru's sister Christine Wambui Kenyatta.
He served as the Retirement Benefits Authority (RBA) chairperson for six years before being mandated to head the Policyholders Compensation Fund.
The fund is tasked with compensating claimants of an insurer put under Statutory Management and increasing the general public’s confidence in the insurance sector.
It also provides compensation to insurers placed under statutory management or whose license has been cancelled, monitors in consultation with the Commissioner, where necessary, the risk profile of any insurer, and liquidates an insurer as may be ordered by a court.
Other roles include advising the Cabinet Secretary in charge of financial matters on the national policy and matters relating to policyholders' compensation and implementing all government policies.
