Nairobi, April 8 -- The Policyholders Compensation Fund (PCF) is preparing to introduce a framework for setting the statutory management fees on collapsed insurers after an audit revealed it currently lacks a clear and consistent mechanism for doing so.

Auditor-General Nancy Gathungu, in a latest audit report on PCF's operations, pointed out that the fund lack of a policy for charging the fees for caretaker management, which may deny it some revenue.

The fund, in response to the Auditor-General, said it has developed a framework for introducing the levy. This comes at a time when PCF is managing several collapsed insurers, including Trident Insurance, Kuscco Mutual Assurance, and Corporate Insurance Company, which were placed under stat...