IRA



 
Javascript DHTML Drop Down Menu Powered by dhtml-menu-builder.com
Insurance Regulatory Authority of Uganda
The Insurance Regulatory Authority of Uganda (IRA) was established under section 14 of the Insurance Statute 1996 now The Insurance Act,(Chap213) Laws of Uganda, 2000(Insurance Act)which came into effect on 4th April 1996 and commenced operations in April 1997

The main object of the Authority is to ensure the effective administration, supervision, regulation and control of the business of Insurance in Uganda.

Read More

 
..

 
Our Key Functions
The Objective of the Authority is to ensure the effective administration, supervision, regulation  and control of the business of Insurance in Uganda.
 
  • establish standards for the conduct of insurance and reinsurance business;
  • license all persons involved in or connected with insurance business, including insurance and reinsurance companies, insurance and reinsurance intermediaries, loss adjusters and assessors, risk inspectors and valuers;
  • approve texts of policies proposal forms;
  • approve minimum rates of insurance premiums and maximum commissions in
    respect of all classes of insurance;
  • safeguard the rights of insurance policyholders and insurance beneficiaries to any insurance contract;
  • provide a bureau to which complaints may be submitted by members of the public;
  • advise the Government on adequate insurance protection and security for national
    assets and national properties;
  • promote a sound and efficient insurance market in the country;
  • supervise and control transactions between insurers and re-insurers;
  • ensure strict compliance with this Act and regulations made under it and any
    other law relating to insurance; and
  • undertake other functions as the Minister may designate.
IRA to increase the minimum capital  requirements for  insurers..
A cross - section of insurance stakeholders listening attentively during the Risk Based Supervision (RBS) workshop at Mestil Hotel and Residences, in Kampala.

As the insurance industry moves into Risk Based Supervision (RBS), the Authority is considering increasing the minimum capital requirements. For Non-life insurers the capital requirement shall increase from Shs4bn to Shs6bn, life insurers from Shs3bn to Shs4.5bn, HMO’s from Shs500M to Shs1bn and Reinsurers from Shs10bn to Shs15bn. The move aims at having stronger companies which will be able to settle claims. ..Read more.

Ugandans accessing informal insurance services...

The IRA Board Deputy Chairperson Hajjat Aphwa Ssebyala, handing over a seedling to Ms. Proscovia Babi of Proba Services (an Insurance Loss Assessing firm) at the dissemination workshop on the uptake of insurance in Uganda at Hotel Africana..

The 2018 FinScope survey findings have revealed that many Ugandans are using informal insurance means to protect themselves against risks. The survey showed that savings groups are the most common channels through which people access informal insurance services and financial assistance to members in times of...Read more.

IRA licenses 114 insurance players..

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; one Micro Insurance firm, Read more.

 
 
See a list of licensed Players;

 
 
Information Center
 
Important Links
 
Our Contacts
Address:
Plot5,Kyadondo Road, Nakasero. Legacy Towers, Block B, 2nd Floor.
Kampala 22855 - Uganda
 
E-mail: [email protected]
Telephone: 0312-266364/ 0414-346712 / 041-4253564
Fax: 256 414 349260
https://www.ira.go.ug
 

Employee of the Month

To Make a Complaint, Click Here or Call Toll Free 0800 124 124
Complaints Bureau
 
About the Bureau
The Authority set up a Complaints Bureau in 1998 as per Section 15(f) of the Insurance Act to handle complaits against Insurance players. The public is urged to always lodge complaints with the Bureau for prompt settlement to complaints and avoidance of lengthy and costly Court cases
For complaints / Suggestions

© Insurance Regulatory Authority Uganda

Webnet Design 2013

Old Mails New Webmail
Website counter