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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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Government scraps VAT on Agricultural insurance products.
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The scrapping of VAT on Agriculture insurance policies will encourage farmers to hedge against any weather related risks.
Government scrapped Value Addition Tax on all agricultural insurance policies in an effort to make agricultural insurance policies more affordable for farmers.
While reading the 2017/18 budget, the Minister of Finance Planning and Economic development said that government had provided Shs 5 Billion for a second pilot year for agricultural insurance subsidy program which Read more.
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Life insurance registers a healthy growth in 2016.
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The Chief Executive Officer Alhaj Kaddunabbi Ibrahim Lubega addressing the press at the release of the 2016 industry performance. Looking on is the Uganda Insurers' Association CEO- Ms. Magala Miriam.
Life insurance business continued to register a healthy growth record of 32.7% in 2016 compared to 16.31% in 2015, industry performance 2016 indicated.
The performance further showed that insurers paid Shs260billion in claims in 2016 compared to Shs213billion in 2015. Read more.
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Museveni challenges Africa Insurers on Agricultural financing..
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The Vice President Edward Kiwanuka Ssekandi, representing President Yoweri Kaguta Museveni at the official opening ceremony of the 44th African Insurance Organization Conference held in Munyonyo, Kampala. Left is the AIO Secretary General Ms. Prisca Soares and State Minister of Finance for Planning, Hon. David Bahati.
His Excellence the President of Uganda, Yoweri Kaguta Museveni, challenged African Insurers to find innovative solutions which address small holder farming very risky for financing.
In a speech read for him by the Vice President, H.E. Edward Kiwanuka Ssekandi at the 44th African Insurance Organization Conference. 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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