Licensing of insurance brokers, agents goes digital

Licensing of insurance brokers, agents goes digital

Image via The Open University

The Insurance Regulatory Authority of Uganda will start online licensing of Insurance Brokers, Bancassurance Agents and Loss Assessors in 2019 and perpetual licensing of Insurance Companies in 2020.

Section 44 (2) of the Insurance Act, No. 6 of 2017 (Act), requires that an insurance license under subsection (1) remains in force until suspended, varied or revoked.

The Authority is also in the final stages of developing the online payment platform for Motor Third-Party Insurance envisaged to start in 2019.

IRA Chief Executive Officer Alhaj Kaddunabbi Ibrahim Lubega pronounced the Authority’s move at the end of the year Chief Executive Officer’s breakfast meeting at Serena Hotel in Kampala on Tuesday.

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During the meeting, Kaddunabbi shared with the industry players the aggregate performance highlights (up to September 2018).

The highlights indicated that Shs658.36bn had been underwritten with Non-life registering Shs452.67bn, Life registering Shs150.90bn and HMO’s registering Shs. 54.79bn.

Uganda needs to find ways of expanding its economy if the country’s insurance penetration rate is to match its regional peers, a top insurance expert has said.

Latimer Mukasa, the managing director at Phoenix of Uganda Assurance Company Ltd (Phoenix Assurance), says countries such as Kenya, which has insurance penetration of 2.8 percent, continue to widen insurance coverage because of the size of their economies.

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