Kampala, Uganda | THE INDEPENDENT | The Insurance Regulatory Authority has licenced 114 players to carryout insurance business this year. These includes 32 insurance companies; one Micro Insurance firm, one re-insurer, five Health Membership Organizations (HMOs), 35 insurance brokers, two re-insurance brokers and 24 Loss Assessors, adjusters, insureance surveyors and risk advisors.
The Authority also licensed fourteen commercial banks and two credit institutions to sell insurance products to their clients. The Authority renews licences of all insurance players annually as a way of scrutinizing their suitability and therefore protect the interests of policyholders and beneficiaries.
However, effective next year, the Authority will start issuing perpetual licenses and as such the licenses issued will remain in force until suspended, varied or revoked, as per Section 44 (2) of the Insurance Act 2017. “The public is advised to deal with only licensed insurance players,” the Authority said in a statement.