Following the suspension of the licence of Falcon Insurance Limited (“Falcon”) on 27 October 2022, the FSA appointed Mariam Rajabally as administrator to manage the company’s business, affairs and assets.
Following Ms Rajabally’s decision to resign as administrator with effect from 15 March 2023, the FSA has today appointed Mr Yogesh Rai Basgeet FCA and Mr George Weru, CPA, CFA, CFE as joint administrators in her place, pursuant to section 101 of the Insurance Act.
Falcon will continue to serve its existing clients, respect its obligations, and adhere to the provisions of the Insurance Act. However, the company remains unable to take on any new business during the period of suspension of its licence.
The FSA remains committed to safeguarding the interests of all policyholders and stakeholders of Falcon and to ensuring the fair treatment of all policyholders and to maintaining a stable and efficient insurance market for the benefit and protection of the public.
For any further queries, please do not hesitate to contact the joint administrators at the following email address: mu_falcon_insurance_administration@pwc.com or on +248 2730104.
Financial Services Authority