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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.
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IRA set to license banks as Bancassurance agents..
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The Insurance Regulatory Authority (IRA) has set guidelines for licensing of bancassurance agents and bancassurance activities, in a bid to better serve and protect consumers.
Under the guidelines issued this week, any Financial Institution that seeks to conduct bancassurance business shall apply for a license from the IRA under the Insurance (Bancassurance) Regulations, 2017. Read more.
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IRA gets new members of the Board..
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The New Board members, Hajjat Aphwa Sebyala, Dr. Abuka, Dr. Nkote (Chairman) and Advocate James Muwawu, during their interaction with IRA recently.
A new board of directors to oversee the operations of the Insurance Regulatory Authority of Uganda, is in place.
The Minister of Finance, Planning and Economic Development, Hon. Matia Kasaija appointed Dr. Isaac Nabeta Nkote, to chair the six member board. Dr. Nkote, who replaces Hon. Gaudioso Tindamanyire Kabondo, is the Dean Faculty of Commerce at Makerere University Business School (MUBS). Read more.
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Alex Mukasa of Marsh wins at 2017 sports gala..
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The IRA Chief Executive Officer Alhaj Kaddunabbi Ibrahim Lubega rewarding the All -Round CEO medal to Mr. Alex Mukasa of Marsh Insurance Brokers.
The Chief Executive Officer of Marsh Insurance Brokers, Mr. Alex Mukasa emerged the winner of the All Rounder CEO award.
Mukasa was recognized for actively participating in more than six games at the gala. He was followed by Jackson Muli of ICEA Life and Ashok Mishra of Alliance Africa Insurance Company.
The award of the Chief Executive Officers was introduced at this year’s gala with an aim of encouraging them to interact with their staff and also network with other insurance players.Read more.
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See a list of licensed Players;
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| Plot5,Kyadondo Road, Nakasero. Legacy Towers, Block B, 2nd Floor. |
| Kampala 22855 - Uganda |
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ira@ira.go.ug |
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0312-266364/ 0414-346712 / 041-4253564 |
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256 414 349260 |
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https://www.ira.go.ug |
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