To supervise, control, regulate, control the efficiency of the insurance business in Uganda, the government of Uganda established insurance regulatory authority.
In 1997, an agency was created to govern the insurance companies in Uganda. IRAU was established by the Government of Uganda to supervise, regulate and control the efficiency of Uganda’s insurance company.
The government of Uganda established IRAU to supervise, regulate, control, and to oversee the effectiveness of the insurance business of Uganda, this, therefore, makes the company a Government-owned Agency.
The development of the company followed the privatization policies of Uganda’s government and liberalizations hence ending the companies direct services and provision of goods and then adopted the role of supervisor and regulator.
The insurance regulatory Authority works under the support of Uganda Ministry of Finance, Planning and Economic Development as its parent agency.
Insurance Regulatory Authority has its headquarters located in the Legacy Towers Complex at 5 Kyaddondo Road on Nakasero Hill in Kampala Central Division, Uganda.
The insurance Towers were constructed earlier March 2018 and it’s a 13-floor skyscraper with a 16,500 square meters (178,000 sq ft).
The IRAU tower was built at a cost of USH28.4 billion approximately US$7.6 million.
The insurance Regulatory Authority of Uganda is under the Government of Uganda Jurisdictions.
At the insurance Regulatory Authority, the management team in charge of policy set is lead by Isaac Nkota who chairs the seven-member board of directors and kaddunabbi Ibrahim Lubega leader of the seven-person Senior Management Team and the chief executive officer, who also sits on the IRAU board.
Company Mission and Vision
The insurance regulatory Authority creates an enabling Regulatory environment for sustainable growth of the insurance industry while upholding best practices as its Mission and a Vision of being a model Regulator of a developed and secure insurance industry.
This mission and vision have always kept the company flag high.
The company main objective is to ensure effective administration, regulation, supervision, and control of the business of Uganda insurance.
IRAU shall be operated according to the following core values as mandated to its duties, this will include, integrity, accountability, transparency, professionalism, and teamwork.
In July 2014, most insurance companies in Uganda were directed by the insurance Regulatory Authority to form separate companies dealing in life business (annuities, life policies, etc) and the general business (general risk, automobile and liability, etc.
However, IRA had a target of preventing the entire industry from facing risk spread by one downturn in the other type of business.
The same year, IRAU instructed foreign insurance companies to at least have no more than two Ugandans in their high management and IRAU use the same regulations to ensure that at least half of the members of the board of directors of each foreign insurance company reside in Uganda.
The main objective of this regulation was to encourage capacity building and development of local talent within the industry.
Insurance Regulatory Authority, however, gave businesses up to 1 January 2015 to comply by then.
Covid-19 guild lines
Ever since the pandemic hit the world, the world’s economy has been greatly affected.
But today the insurance regulatory Authority of Uganda has provided certain guild lines to help fight the falling of the economy in the country with respect of the president revealing that all insurance companies are among the essential service providers.
This guild lines included exempting policyholders from late payment penalties on overdue premium payments during the Coronavirus pandemic period, extending claim notification period by policyholders for not less than a month, waiving any cost-sharing related to testing and treatment of COVID-19 cases and the need for licensed insurance companies to consider not terminating insurance contracts due to nonpayment of a premium during the pandemic.
However, the aims and objectives of these guild lines were to provide relief to affected policyholders by allowing continued leave and insurance coverage’s hence ensuring that all insurance customers are treated with utmost fairness.
You can contact IRA on phone +256417-425500 or Email: email@example.com