Registration Of Insurance Companies In Uganda
A company that creates insurance products to take on risks in return for the payment of premiums. Companies may be mutual (owned by a group of policyholders) or proprietary (owned by shareholders). (Also known as insurer or provider). Insurance corporations are financial intermediaries which offer direct insurance or reinsurance services, providing financial protection from possible hazards in the future.
Process For Registration Of Insurance Companies In Uganda
To obtain a license for Insurance the applicant have to approach the Uganda Insurance Regulatory Authority (UIRA). A Person proposing to carry on insurance business shall apply to the Authority, in a prescribed form, for a licence, which application shall be considered by the Authority.
Requirements For Registration Of Insurance Companies In Uganda
Fill an application form with the following information.
Name of the applicant.
Address (physical, residential and postal).
Name of insurer represented.
The legal status of the applicant.
Classes of insurance to be transacted.
A detailed and signed/dated curriculum vitae.
Steps For Registration Of Insurance Companies In Uganda
Become a licensed insurance agent.
Write a business plan.
Choose a business structure.
Register and license your business.
Get business insurance.
Form relationships with insurance companies.
Grow your client base.
Regulations Of Registration Of Insurance Companies In Uganda
The Insurance Regulatory Authority of Uganda (IRAU) is a government agency mandated to “ensure the effective administration, supervision, regulation and control of the business of Insurance in Uganda”.
Major reasons for the regulation of insurance include the following: Maintain insurer solvency. Compensate for inadequate consumer knowledge. Ensure reasonable rates.
Insurance is actively regulated to ensure solvency. Insurance is regulated at the state level by insurance commissioners; the National Association of Insurance Commissioners (NAIC) encourages uniformity of legislation across different states.
Role Of Registration Of Insurance Companies In Uganda
The Insurance Regulatory Authority of Uganda is working towards enabling the development of the insurance market, maintain its safety and sound operation, protect the interests of Insureds and their beneficiaries, and ensure the supply of high quality and transparent insurance services and products.
Types Of Registration Of Insurance Companies In Uganda
Business.
COVID 19.
Finance.
Insurance.
Life Insurance.
Medical Insurance.
Uncategorized.
Purpose Of Registration Of Insurance Companies In Uganda
Insurance companies can be important for the stability of financial systems mainly because they are large investors in financial markets, because there are growing links between insurers and banks and because insurers are safeguarding the financial stability of households and firms by insuring their risks.
Benefit Of Registration Of Insurance Companies In Uganda
Insurance is a financial safety net, helping you and your loved ones recover after something bad happens such as a fire, theft, lawsuit or car accident. When you purchase insurance, you’ll receive an insurance policy, which is a legal contract between you and your insurance provider.
Office Location For Registration Of Insurance Companies In Uganda
Insurance Regulatory Authority of Uganda
Insurance Towers Plot 6, Lumumba Avenue P.O Box 22855 Kampala Uganda
Tel: +256 417-425500 | Email: ira@ira.go.ug