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11 May 2020

IRA ISSUES COMPREHENSIVE INDUSTRY GUIDELINES DURING COVID-19 PERIOD

While the country continues to observe Presidential directives as guided by the Ministry of Health which among others include a countrywide lockdown with selected essential services being provided, the Insurance Regulatory Authority of Uganda (IRA) has realized the impact which the Corona Virus Disease (COVID-19) has had and will have on the economy, both locally and internationally.

Following this COVID-19 challenge and not being sure when it will come to an end before normalcy sets in, the Authority has found it prudent as guided by section 12 (1) (b) of the Insurance Act 2017 to come up with industry guidelines on the conduct of business during this period when the COVID -19 pandemic is hitting hard.

Some of these guidelines among others include; the need for licensed insurance companies to consider not terminating insurance contracts due to non-payment of premium during the COVID-19 pandemic period, exempting policyholders from late payment penalties on overdue premium payments, extend claim notification period by policyholders for a period of not less than 30 days and waive any cost-sharing (co-payments) related to testing and treatment of COVID -19 cases.

These guidelines aim at providing relief to affected policyholders by allowing continued insurance coverage, leave alone ensuring that all insurance customers are treated with utmost fairness.

For details https://www.ira.go.ug/cp/uploads/doc41933020200505160450.pdf