IRA licenses 114 insurance players in 2019

Under section Sections 34 (1), 35, 36 (1), 82 (1) and 83 of the Insurance Act, No. 6 of 2017 (Act), the Insurance Regulatory Authority of Uganda has granted licenses to 114 insurance players to transact insurance business in the year 2019.

The Authority has licensed 32 insurance companies (21 non-life firms, 9 life insurance firms; 1 Micro Insurance firm, one re-insurer, 5 Health Membership Organizations (HMOs), 35 insurance brokers, 2 re-insurance brokers and 24 Loss Assessors, adjusters, insurance surveyors and Risk Advisers.

This year the Authority has licensed 14 commercial banks and two credit institutions to sell insurance products to their clients.

The Authority renews licences of all insurance players annually as a way of scrutinizing their suitability and therefore protect the interests of policyholders and beneficiaries.

Effective next year, 2020, the Authority will start issuing perpetual licenses and as such the licenses issued will remain in force until suspended, varied or revoked, as per Section 44 (2) of the Insurance Act 2017.

The public is advised to deal with only licensed insurance players. All licensed persons are also by law required to display their licenses prominently at their places of business and in each of their branch offices in Uganda. A complete list of licensed players can be accessed on www.ira.go.ug

In case of any dissatisfaction with any insurance company or insurance service provider, lodge a complaint with the Authority’s Complaints Bureau for redress.

The IRA is located on Plot5,Kyadondo Road, Nakasero. Legacy Towers, Block B, 2nd Floor.Kampala 22855 – Uganda

Email: ira@ira.go.ug

Phone: 0312-266364/ 0414-346712 / 041-4253564