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02 Jan 2020

IRA LICENSES 128 INSURANCE PLAYERS

The Insurance Regulatory Authority of Uganda (IRA) has granted licenses to 128 Insurance players to transact insurance business effective this year 2020.  

Thirty (30) insurance companies (21 non-life firms and 9 firms for life assurance business) have been licensed, 2 micro insurance companies with the latest being Edge Micro Insurance Limited, 2 re-insurers with the latest being Kenya Reinsurance Corporation Uganda – SMC Limited, 5 Health Membership Organizations (HMOs), 39 insurance brokers, 2 re-insurance broker, and 28 Loss Assessors/Adjusters have also been licensed.

In addition, 19 commercial banks and one credit institution have also been granted licenses to sell insurance products and services to their clients in the years 2020 and 2021 as bancassurance agents.

This is in reference to section 34 (1), 35, 36 (1), 82 (1) and 83 of the Insurance Act, No. 6 of the Insurance Act 2017. All licensed players are required to display prominently a copy of their license in each of their branches to enable the public establish that the company is dully licensed.

The Authority has effective this year issued perpetual licenses to all insurance companies (Micro- insurers inclusive) and HMO’s and intermediaries have received licenses for two years 2020 and 2021.

The Authority shall continuously monitor and scrutinize the operations of all licensees thus protecting the interests of policyholders and beneficiaries.

The IRA Chief Executive Officer Alhaj Kaddunabbi Ibrahim Lubega, advises the public to deal with ONLY licensed insurance players and in case of any dissatisfaction, to lodge a complaint with IRA’s Complaints Bureau where they will find redress.

Follow the link below to know which insurance player has been licensed

https://www.ira.go.ug/reports2.php?cat=17&ttl=Licensed%20Players