The Insurance Regulatory Authority of Uganda (IRA) Chief Executive Officer, Alhaj Kaddunabbi Ibrahim Lubega paid a courtesy visit to the National Insurance Commission (NAICOM) Commissioner, Mr. Olusegun Ayo Omosehin at the NAICOM headquarters in Abuja, Nigeria on December 11, 2024.
The duo deliberated on pertinent issues in the industry including NAICOM’s Regulatory Software used for collecting returns from industry players, the Monitoring Software that provides real-time tracking of policies, and the Complaints Management System designed to enhance customer grievance handling.
The others were the implementation of Risk-Based Supervision (RBS) and the International Financial Reporting Standards (IFRS 17), with Alhaj Kaddunabbi sharing insights from Uganda’s progress toward full compliance with these global standards, lessons learned and challenges encountered.
In a gesture reflecting mutual commitment to collaboration, Mr. Olusegun called for enhanced cooperation between the two regulatory bodies, with the proposed enhanced partnership expected to facilitate knowledge sharing and strengthen regulatory frameworks in both markets.
The visit marked a significant step in fostering dialogue between the two institutions, underscoring their shared commitment to advancing insurance regulation through innovative solutions and global best practices.