How to Obtain an Insurance Licence In Uganda

Obtain an Insurance Licence In Uganda By Online

  1. To get a licence for Insurance the applicant must apply to for approval from the Uganda Insurance Regulatory Authority (UIRA).
  2. Anyone who plans to operate an insurance-related business must submit an application to the Authority with a pre-approved form, to obtain a license and the application will be evaluated as a valid application by the Authority.
  3. Applications forms are available at the appropriate offices. They must be filled out and returned along with the documents listed under the Documents Required section.
    • An applicant for a license who is submitting an application, must prove that:-
      • The financial situation and antecedents for the applicant
      • the integrity and competence of the management and administration that is proposed;
      • the strength in the applicants capital structure, earning potential, financial plans, business plans, reinsurance, and retention strategies;
      • whether the public’s interest would be fulfilled by granting a license;
      • the governance structure of the applicant’s
      • proposals for reinsurance and retrocession agreements;
      • Other matters that the Authority may deem appropriate.
  4. Before submitting the application , the processing fee must be paid to the bank. The receipt needs been attached to the application.
  5. The Authority will within four months following receiving a complete application, review and draft a an exhaustive report in relation the submitted application.
  6. The Authority will in the course of evaluating and making an assessment of the application, establish an advisory committee consisting of at least three people from within the Authority the committee will submit their recommendations to Authority in written form.
  7. The Authority will announce it’s decision to applicants within 60 days of receiving an application that is complete.
  8. In the event that it is determined that the Authority finds that the person applying has complied with the rules of the Act and the Authority is satisfied, it will give a licence for the person applying.
  9. The Authority can deny the license and explain in writing to justify the reason why.
  10. The applicant is entitled to make an appeal before the Tribunal within thirty days of the date of receiving the notification from the Authority If they are unhappy with the decision of the Authority. Authority The Authority and Tribunal must make a ruling within 30 days of when the application was made.

Required Documents For Obtain an Insurance Licence

Registration requirements.Fill your form with the information below

  • The address and name of the firm/company.
  • Legal status (e.g. limited partnership, company). You also indicate if the company is a local or foreign.
  • The physical site of the proposed Head office with the plot no. The town, street, phone 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).
  • The date of the start of business.
  • Addresses, names as well as nationality, qualification and the position of Directors.
  • Address, names, and nationality of shareholders.
  • Names, qualifications, and experience of senior executives and important Management personnel (attach the chart of organization).

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

  • It is the name that was given to applicants.
  • Address of the Postal Head office address.
  • Numbers for telephone, Fax numbers email.
  • Physical address.
  • Capital for shares.
  • Capital authorized and paid-up that is not less than 75,000,000. Seventy five million shillings out of which 17,500,000 – Seventeen millions of shillings will be invested in government securities and upon which the Authority is a lien.
  • Insurance businesses are that is intended to be conducted for (state either life or non-life).
  • Addresses and names of Bankers.
  • External auditors.
  • Names, nationality , and address of directors of the person who is applying.
  • If any director was found guilty of an offense involving dishonesty, fraud or other fraud, they must give the specifics.
  • If one of the directors is found to be bankrupt or commingled with creditors, they must provide the details.
  • If any director are shareholders in a company licensed under the Statute it is necessary to disclose what the basis of interest is.
  • The names of Chief Executive Officers from the candidate.
  • The total number of employees who will be employed (managerial and supervisory, as well as other).
  • Attach a photocopy or photocopies of professional indemnity insurance policy.

As well as the information above These 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. 11.11 of Insurance Regulations 2002).
  • A list of personnel.
  • Contact numbers, addresses and information about each branch office.
  • Evidence of the capital that has been paid.
  • The evidence of payment of the an statutory deposit to Bank of Uganda. (You will require an introductory email from IRAU).
  • For new businesses – Original Certificate of Registration (Business company name) OR certificate of incorporation (Company) (Company) Uganda Registration Services Bureau.
  • After being certified 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
Tel:+256 312-266364, +256 414346712, +256 414253564
Email Address: ira@ira.go.ug
Site: insurance Regulatory Office.

Eligibility

Any foreign or local citizen aged 18 and over who wish to establish an insurance business in Uganda are eligible.

Fees

Application Fees

  • 500,000 Ugshs. • Registration

Licensing Fee

  • Insurance: – 500,000 Ugshs.
  • Re-Insurance Broker: – 800,000 Ugshs.

Validity

A licence to insure is valid until it is cancelled, suspended or changed or cancelled.

Documents to Utilize

Application Form

Processing Time

Processing time maximum: 60 days.

Instructions

A person should not conduct or claim to conduct the insurance industry, or reinsurance business , or the activities of an HMO or HMO in Uganda in the absence of a valid license granted from the Authority.

The Information You Need

  1. Name and address of the company/firm/person
  2. Legal status (e.g. Limited company (e.g. sole proprietor, partnership,) the mutual insurer. as well as indicate whether it is it is a local or foreign.
  3. Location of the Head Office
  4. Physical Location of Branch Offices
  5. Date and number of incorporation/registration
  6. Attach copy of certificate of incorporation/registration and copy of Memorandum and Articles of Association.
  7. In the case of a the mutual Insurance Company, also attach documents to members’ subscriptions).
  8. The nature of the business (e.g. Life insurance, Non-life insurance, reinsurance, brokerage, agency, loss assessors, loss adjuster etc.)
  9. The date of the beginning of business.
  10. Addresses, names, nationality, qualifications , and job of Directors
  11. Address, name, and nationality of shareholders
  12. Names, qualifications and the experience of key executives and senior management personnel.

External Links

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