How to Obtain an Insurance broker license In Uganda

Obtain an Insurance broker license In Uganda By Online

  1. To be able to obtain a license as an Insurance Broker , the applicant has to go to UIRA, the Uganda Insurance Regulating Authority(UIRA).
  2. The person who is applying for the licence of insurance broker business has to make an application to the Authority using a prescribed form 3B, to obtain an application for a licence, and the application will be reviewed as a valid application by the Authority.
  3. Applications can be obtained at the appropriate offices. They must be filled out and submitted along with documents listed under the required documents section.
  4. Prior to submitting the application, the processing fee must be paid at the bank. The receipt needs been attached to the application.
  5. The following links will provide you with information about office locations as well as details on the process.
  6. If the applicant is unable to complete the application with all relevant details or if clarification is required, the applicant could be asked to provide the required information or clarification for the submission.
  7. In the event that the Authority is convinced that the applicant is compliant with the rules of the Act Then a licence to the applicant is granted following paying the required fee;
  • In the event that the Authority decides not to issue an Licence the reason must be provided in writing to justify the Authority’s decision.

Required Documents For Obtain an Insurance broker license

Requirements for registration. Please fill out the below details

  • The address and name of the firm or company.
  • Legal status (e.g. limited company or partnership, etc.). In addition, you should indicate whether the company is foreign or local.
  • The physical site of the proposed Head office with the plot number. The town, street, telephone number and fax number, postal address as well as email addresses.
  • The physical address of Branch offices that display the information.
  • Date and Number of incorporation/registration
  • Attach a copy of the Certificate of Incorporation/Registration and a copy of the Memorandum and Articles of Association.
  • The nature of the business (e.g. insurance brokerage or reinsurance).
  • Date of the beginning of business.
  • Addresses, names Nationality, qualifications, and the position of Directors.
  • Names, nationality , address and addresses of shareholders.
  • Names, qualifications, and experiences of senior executives and important Management personnel (attach an organizational chart).

The requirements for licensing. Complete your application with these details:

  • It is the name that was given to applicants.
  • Address of the Postal Head office address.
  • Numbers for telephones, Fax numbers email.
  • Physical address.
  • Capital for shares.
  • A authorised and paid-up capital that is not less than 75 millionseventy-five million shillings, of 17,000,000 – Seventeen millions five hundred thousands shillings must be invested in securities issued by the Government and upon which the Authority is able to take a lien.
  • Insurance businesses are that is intended to be conducted for (state non-life or life).
  • Addresses and names of Bankers.
  • External auditors.
  • Names, nationality , and address of directors of the person who is applying.
  • If one of the directors is found guilty of any crime involving dishonesty or fraud, the director must provide specifics.
  • If one of the directors is found to be insolvent or compounded with creditors, they must provide the details.
  • If any director have an interest in a firm that is licensed under the Statute the director should disclose what the basis of interest is.
  • Nominations for the chief executive officer of the company applying to be.
  • The total number of employees who will be employed (managerial and supervisory, as well as other).
  • Attach a photocopy of your professional indemnity insurance policy.

Alongside the information above The following enclosures must be attached in accordance with the following:

  • A complete and signed curriculum vitae of all directors as well as Chief Executive Officer as well as technical staff (ensuring conformity with the regulations of. 11 in the Insurance Regulations 2002).
  • Other personnel list.
  • Address, phone numbers, and the address of the branch offices.
  • Documentary proof of capital paid up.
  • The evidence of the payment of deposit required by law with Bank of Uganda. (You will require an introductory note from IRAU).
  • To start a new business, you must have an Original Certificate of Registration (Business company name) OR certificate of incorporation (Company) (Company) Uganda Registration Services Bureau.
  • Once licensed The company will then be required to be a member of the Insurance Institute of Uganda.

Office Locations and Contacts

Insurance Regulatory AuthorityPlot5,Kyadondo Road, Nakasero.
Legacy Towers, Block B 2nd Floor
P.O.Box 2255, Kampala Kampala, Uganda
+256 312-266364, +256 414346712, +256 414253564
Email Address: ira@ira.go.ug
Web site: link

Eligibility

  • The persons who are at entering into the insurance contract, are citizens of Uganda;
  • Assets or products located in Uganda;
  • Aircrafts, ships or other vehicles that are registered in Uganda or
  • Imports of products from other countries, excluding the personal items and gifts.

Fees

Application Fees:

  • 500,000 Ugsh. – Registration

License Fee:

  • Insurance broker: 400000 Ugsh.
  • Re-Insurance Broker:- 800,000 Ugsh.

Validity

Validity The 31st day in December of the year on the year it was issued (Valid for one year)

Examples of Documents

Processing Time

Maximum Processing Time: 2 Weeks.

Instructions

  • A person should not conduct, or claim to carry onan the insurance industry, or reinsurance business , or the business of a H M O U ganda without having a valid license granted from the Authority.

The Information You Need

  • Name and address of the company/firm/person
  • Legal Status(e.g.Limited Company, sole proprietor,partnership)mutual insurance company, also indicate whether local or foreign.
  • Location of the Head Office
  • Physical office location of Branch Offices
  • Date and number of incorporation/registration
  • Attach copy of certificate of incorporation/registration and copy of Memorandum and Articles of Association.
  • In the case of a Mutual Insurance Company, also attach the instruments that confirm membership for the members).
  • The nature of business (e.g. Life insurance, Non-life insurance, reinsurance, brokerage, agency, loss assessors, loss adjuster etc.)
  • The date of the start of business.
  • Addresses, names as well as nationality, qualification and the position of Directors.
  • Names, nationality , address and addresses of shareholders
  • Names, qualifications, and experience of key executives and senior management personnel.

External Links

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Source

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