Connect with us

Banking, Finance and Insurance

128 Insurance Players to Transact Business in 2021

The Insurance Regulatory Authority (IRA) has authorized 128 insurance players including 9 life insurers, 21 non-life insurers, 2 Re-insurers, 24 loss assessors, 5 Health membership Organization (HMOs), 19 Bancassurance agents, 3 Re-insurance brokers and 43 insurance brokers to transact business effective 1st January 2021.  

This exercise has been done in line with section 34 (1), 35, 36 (1), 82 (1) and 83 of the Insurance Act, No. 6 of the Insurance Act 2017.

Insurance players holding perpetual licenses whose issuance came into effect at the beginning of 2020 in line with section 44 (2) of the Insurance Act 2017, and have met the compliance requirements and other Authority set standards have been authorized to continue transacting insurance business in the year 2021.

In a public statement issued by the Authority, the public has been advised to deal with ONLY licensed and authorized players and in case of any dissatisfaction with the services of any of the players, to lodge a complaint with Authority’s Complaints Bureau and seek redress.

Section 147 (1) requires players to display prominently a copy of their license in each of their branches to enable the public establish that the company is duly licensed and/or authorized to operate.

Continue Reading
You may also like...

Mulengi Godfrey B. - the Chief Entrepreneurship Officer -CEO has over 21 years distilled experience, exposure and expertise in Sales, Brand, Marketing, Communications, Business, Events, Publishing, Printing, Training, Management & Business Leadership at the levels of direct field sales, sales supervision, Senior Marketing/ sales management, senior business management & Leadership.

Click to comment
0 0 votes
Article Rating
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments

More in Banking, Finance and Insurance

IDEASHOUSEBIZNEWS


Uganda's leading Trade, Business, Brand, Company, Corporate, Industry, Investments, a Services, and Sustainability(tbcis) News Site.

Covering Customer, Company, Corporate, Community and Country News, giving Accurate Analysis, Assessment,and Answers for Application.

Trending Stories!

Science, Innovations & Technology

Uganda to regulate fertility clinics

By March 5, 2024

Government In News

Luzira Prison relocation confirmed

By February 26, 2024

News Categories

Subscribe to our Newsletter

To Top