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28 May 2019

IRA, URA partner to facilitate trade

The Insurance Regulatory Authority has committed to partner with the Uganda Revenue Authority, Authorized Economic Programe (AEO) in facilitating trade in the country.

At a meeting between IRA and AEO, the agencies agreed to partner on a number of fronts including enforcement of Section 9(3) of the Insurance Act, which states that, “All local risks and persons including imports shall be insured by insurance companies licensed to carryout insurance business in Uganda.” There has been gross non-compliance to this Section by majority of importers in Uganda.

The Assistant Commissioner Customs Audit Mr. Abel Kagumire said, “We recognize that the insurance sector plays an important role in securing the global supply chain and as a regulator of the insurance sector, we believe that this partnership will be of paramount importance in advancing the AEO program and ensuring that operators benefit.

The Director Market Research and Development, Mr. Sande Protazio noted that the partnership has come in at the right time especially as the Authority aspires to enforce the implementation of Marine Insurance in the country.

The URA, AEO program is a program adopted under the World Customs Organisation Safe frame of Standards, deriving its support from Customs to Customs, Customs to Business and Customs to other government Regulatory Agencies.