In a bold step towards modernizing regulatory oversight, the Insurance Regulatory of Uganda, rolled out the RBS system after conducting a hands-on training session with secto
The training conducted by the IRA’s consulting team from Regnology Ltd at the Insurance Tower in Kampala on November 11, 2025 equipped players (including Non-Life Insurance companies, Life Insurance companies, Re-insurance companies and Health Membership Organisations (HMOs) with improved reporting tools in line with IFRS 17 and complying with the revised capital adequacy requirements. The training marks a significant milestone in aligning the sector with international best practices and fostering a more resilient financial ecosystem.
The newly introduced Risk-Based Supervision (RBS) system is considered a game-changer designed to boost regulatory efficiency, transparency, and accountability.
Speaking during the training, the Ag. Chief Executive Officer Mr. Obel Benard, who is also the Director Supervision at IRA, said the adoption of the RBS system is part of the Authority’s broader agenda to modernize supervision and align Uganda’s insurance sector with international best practices.
He noted that the system will streamline the submission and analysis of regulatory and risk-based returns while automating key processes such as licensing.
“With this system, we shall minimize manual interventions, enhance data accuracy, and improve turn-around time, ultimately making compliance simpler, faster, and more transparent for all industry players,” Mr. Obel explained.
He further urged insurance players to embrace technology as a strategic enabler for growth and sustainability, warning that those who resist digital transformation risk being left behind.
“Technology is no longer an option but a foundation for survival. We must adopt it not only for compliance but also as a tool for innovation to improve customer experience, enhance risk assessment, automate operations, and drive sustainable growth,” he emphasized.
Under the Risk-Based Supervision model, insurers are assessed and supervised based on their individual risk profiles rather than through routine rule-based compliance checks.
According to Mr. Musa Sebuufu, Manager Risk and Actuarial at the Authority,
at IRA, the implementation of the new system is expected to begin this November, marking a key milestone in the Authority’s transition to a fully digitized, risk-focused supervisory regime.
This program is designed to transform how we oversee the insurance sector. The initiative marks a significant step toward closing long-standing gaps in regulatory processes and strengthening market resilience.
Historically, supervision relied on manual reporting, fragmented data sources, and reactive risk management. These limitations often led to delays in licensing, challenges in monitoring compliance, and reduced visibility into emerging risks.
“Our new platform introduces online data collection, streamlined licensing workflows, and automated risk analytics, enabling us to act proactively rather than reactively. This means faster approvals for insurers, improved data accuracy, and enhanced ability to identify and mitigate risks before they escalate”, Mr. Sebuufu said.