Renewal of Insurance Licence In Uganda By Online
- Renewal of insurance licenses is available by contacting the Insurance Regulatory Authority of Uganda.
- The renewal form for insurance licenses must be submitted in Form 3. It must be submitted to the Insurance Regulatory Authority of Uganda.
- Complete the Form 3 with the documents required for renewal as per the requirements in the section of documents required in this process.
- The previous request for renewal of the Insurance licences, is to be returned to the Insurance regulatory Authority to be endorsed by them of the renewal, which must be done in the form.
- The cost for the renewal of the insurance licence must not exceed five thousand shillings and must be paid prior the submission of application.
- In the process of renewing insurance Licences pursuant to the Insurance Act The Insurance Regulatory Authority of Uganda may make any changes to the Licence and apply such new conditions and terms that it deems appropriate.
- The Insurance Regulatory Authority of Uganda shall, if satisfied to the information provided in the Renewal Application and if it is satisfied that all requirements set out in the Insurance Act and the regulations are in compliance it will renew the License of an applicant to cover the following license year.
- Not more than one month before the end of the licensing year, each holder of an Insurance Licence, who intends to renew their License, must submit an application with the Insurance Regulatory Authority in the prescribed method, along with the prescribed fee as well as any other documents or forms that are prescribed.
Required Documents For Renewal of Insurance Licence
- The certificate of incorporation
- authentically certified copies of the memorandum of association, or any other document through which the M.I.O is created (for first-time applicants) or
- Any resolution or similar documents that modify or alters the initial submitted article and memorandum of agreement for an M.I.O seeking renewal.
- A valid financial institution (premium collections account) under the direct supervision of the applicant, in which every penny that is paid in premiums is deposited and is separate from all other bank accounts.
- Complete and signed CVs of the individuals accountable for the administration of the affairs of the applicant, such as the M.I.O directors,
- A C.E.O and accountant, as well as a manager in the senior position who has filled in and submitted the correct and appropriate questionnaire, with the exception of the following.
- At at least 50 percent of the board directors must reside in Uganda.
- A C.E.O or principal officer must hold a recognized degree and be at least qualified for membership in the Insurance Institute of Uganda or at least 5 years of demonstrated experience in insurance.
- A full-time account holder that has a business related degree as well as at minimum the level of 11 CPA and three years of work experience.
- A list of shareholders and information about their shareholdings, nationality, and contact details are included in the M.I.O.
- A list of shareholders and information about their shareholdings, nationality and contact information in the M.I.O.
- Annual accounts must be reviewed by an auditor who has been approved by the authority for filed within three months of the close of the calendar year.
- Management accounts must be filed within 30 days of the close of each quarter.
- At minimum, a 3-year business plan, which has been approved by M.I.O board and approved by the auditor external, including the following
- A statement of financial situation for the previous year
- A statement of total income for the preceding year
- A Statement of Cash Flows from the previous year.
- Complete enrollment of numbers of transactions in prior years.
- Premium rate schedules that are certified by an Actuary.
- A declaration of how capital is sourced,, including working capital.
- The evidence that there is an internal grievance process concerning investigation and resolution of the covered person’s grievances and complaints.
- A proof of membership to Uganda Insurers Association of Uganda.
- A proof of membership to The Insurance Institute of Uganda.
- Documentation of payment of all money that are due the authorities i.e interest, fines and other things by the date of submitting an application for license.
- The company’s policy for assessing risk has been of risk was accepted by its Board of Directors.
- The company’s policy for assessing risk has been of risk has been adopted by its board.
- A sample duplicate of the main insurance policy with the benefit package that was issued to the public , and then approved by the authorities.
- For companies with limited liability the authentic copy of M.I.O annual returns filed with Uganda Registration Services Bureau that was filed within a calendar year starting from the date of the submission of the application with the authorities.
- Reinsurance arrangements were suggested from the authorities.
- Other documents or information that may be required by the authority to allow the renewal process in order to make it successful.
Office Locations and Contacts
Insurance Regulatory Authority of Uganda.Plot5, 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
Applicant must have an insurance licence in order to be eligible to renew an insurance licence.
Fees
- Application fee: 500,000Ugshs.
- Renewal Fee 500 000 Ugshs
Validity
The 31st day in December of the year that it is published.
Documents to Utilize
Processing Time
Maximum Processing Time: 2 Weeks
Instructions
- The licensee must display the licence prominently in the principal location of business in an area where the public is able to be accessed and have a copy of their license in every branch of the business located in Uganda.
Requirements Information
- Names of applicants:
- Address for postal mail (Head Office):
- Telephone Numbers:
- Fax No
- E-Mail:
- Physical address:
- Capital share (a) Autorised
- Capital paid up
- Information on the business of insurance that is to be conducted to
- Names and addresses of Bankers
- Name, address and nationality Directors of applicant
- photocopy of insurance professional indemnity coverage
- Total No. of employees who are employed.
Information that could be helpful
- The Authority cannot grant an application who has a license that is not based in Uganda in the absence of consultation with Authority consults with the director of applicant’s country in which the applicant’s establishment is.
- Every licensee is required to adhere to the requirements that are contained in the Anti-Money Laundering Act, 2013 and other laws related to combating the financing of terrorist activities.