Governance, Risk and Compliance - The Ugandan Insurance Industry

Governance, Risk and Compliance - The Ugandan Insurance Industry

Summary

The Insurance Regulatory Authority of Uganda (IRA) is a government body responsible for supervising insurance activities and formulating regulations for the Ugandan insurance industry. The IRA was established under Section 14 of the Insurance Act (Cap 213) 2000. The IRA is responsible for the supervision of the industry and issue licenses to insurers, reinsures and intermediaries.

On May 23, 2017, the president approved the Insurance Act 2017, repealing the Insurance Act Cap 213. The new Insurance Act came into force on March 28, 2018. The regulations to govern insurers, reinsurers and intermediaries are stipulated in the Insurance Act 2000. Amendments were made to the act in Insurance Regulations 2002 and the Insurance (Amendment) Act 2011.

Governance, Risk and Compliance - The Ugandan Insurance Industry, report is the result of extensive research into the insurance regulatory framework in the Uganda giving insurers access to information on prevailing insurance regulations, and recent and upcoming changes in the regulatory framework, taxation and legal system in the country.

It provides detailed analysis of the insurance regulations for life, property, motor, liability, personal accident and health, and marine, aviation and transit insurance. The report specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries. The report also includes the scope of non-admitted insurance in the country.

Key Highlights

• The Ugandan insurance industry is regulated by the Insurance Regulatory Authority of Uganda.
• MTPL and workmen’s compensation insurance are the compulsory classes of insurance in the Ugandan insurance industry.
• Composite insurance is not permitted in Uganda.
• Non-admitted insurance is prohibited by the law. However reinsurers are permitted to operate without a license.
• Insurance products and services are exempted from VAT in the Ugandan insurance industry.

Scope

The report provides insights into the governance, risk and compliance framework pertaining to the insurance industry in the Uganda, including -

• An overview of the insurance regulatory framework in the Uganda.
• The latest key changes, and changes expected in the country’s insurance regulatory framework.
• Key regulations and market practices related to different types of insurance product in the country.
• Rules and regulations pertaining to key classes of compulsory insurance, and the scope of non-admitted insurance in the Uganda.
• Key parameters including licensing requirements, permitted foreign direct investment, minimum capital requirements, solvency and reserve requirements, and investment regulations.
• Details of the tax and legal systems in the country.

Reasons to buy

• Gain insights into the insurance regulatory framework in the Uganda.
• Track the latest regulatory changes, and expected changes impacting the Ugandan insurance industry.
• Gain detailed information about the key regulations governing the establishment and operation of insurance entities in the country.
• Understand key regulations and market practices pertaining to various types of insurance product.