Uganda - Obtain an Insurance Licence

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Procedure

1. To obtain a license for Insurance the applicant have to approach the Uganda Insurance Regulatory Authority (UIRA).
2. 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.
3. Application forms can be obtained from the respective offices which have to be filled in and submitted along with the documents that are listed under the Required Documents section.
   • An applicant for a licence, before submitting the application must satisfy that—
     • The financial status and antecedents of the applicant;
     • the competence and integrity of the proposed management and administration;
     • the adequacy of the applicant’s capital structure,earning prospects,business plans,financial plans,reinsurance and retention proposals;
     • whether the public interest would be served by granting a licence;
     • the governance framework of the applicant;
     • proposed reinsurance and retrocession arrangements;
     • such other matters as the Authority may consider appropriate.
4. Before submitting the application processing fee has to be paid in the bank and receipt has to be attached with the application.
5. The Authority shall, within four months after receipt of a complete application, investigate and prepare a detailed report in respect of the application.
6. The Authority shall, for the purpose of considering and making a report on an application, appoint a committee of not less than three members of the Authority which committee shall report its recommendations to the Authority in writing.
7. The Authority shall communicate its decision to the applicant within sixty days from receipt of a complete application.
8. If the Authority is satisfied that the applicant complies with the provisions of the Act, shall grant a licence to the applicant.
9. The Authority may refuse to grant a licence and give reasons in writing for its decision.
10. The applicant may appeal to the Tribunal within thirty days from the receipt of the communication of the Authority, if aggrieved by the decision of the Authority and the Tribunal shall make a decision within thirty days from the date of the appeal.

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Required Documents

Registration requirements.Fill a form with the following information

• The name and address of the company/firm.
• The legal status (e.g. limited company, partnership). Also, you indicate whether the firm is local or foreign.
• The physical location of the proposed Head office showing the plot No., the street, town, telephone number, fax, postal address and email address.
• The physical location of Branch offices showing 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.
• Nature of business (e.g. insurance or reinsurance brokerage).
• Date of commencement of business.
• Names, addresses, nationality, qualifications and occupation of Directors.
• Names, nationality and address of shareholders.
• Names, qualifications and experience of Senior Executive and key Management staff (attach organization chart).

License requirements. Fill an application form with the following information:

• The name of the applicant.
• Postal address of the Head office.
• Telephone numbers, fax number, email.
• Physical address.
• Share capital.
• Authorized and paid-up capital of not less than 75,000,000- Seventy five million shillings of which 17,500,000 -Seventeen million five hundred thousand shillings shall be invested in Government securities and on which the Authority shall have a lien.
• Insurance business intended to be transacted for (state whether life or non-life).
• Names and address of Bankers.
• External auditors.
• Names, nationality and address of the directors of the applicant.
• If any of the directors has been convicted of any offence involving fraud or dishonesty he/she give details.
• If any of the directors has been adjudged to be bankrupt or compounded with creditors, he/she give details.
• If any of the directors have an interest in any firm licensed under the Statute, he/she should state the nature of the interest.
• Names of the Chief Executive Officer of the applicant.
• Total number of employees to be employed (managerial, supervisory, others).
• Attach photocopy of professional indemnity insurance cover.

In addition to the above information, the following enclosures should be attached accordingly:

• Detailed and signed curriculum vitae of all directors and the Chief Executive Officer and technical staff (ensuring compliance with Reg. 11 of the Insurance Regulations 2002).
• List of other personnel.
• Address, telephone numbers and details of any branch office.
• Documentary evidence of paid-up capital.
• Evidence of payment of statutory deposit with Bank of Uganda. (You will need an introductory letter from the IRAU).
• For new business - original certificate of registration (Business name) OR certificate of incorporation (Company) - Uganda Registration Services Bureau.
• On being licensed, the company will be required to become a member of the Insurance Institute of Uganda.

Office Locations & Contacts

The Insurance Regulatory Authority Of Uganda - Head Office,
Insurance Towers Plot 6,
Lumumba Avenue
Kampala Uganda
P.O Box 22855
Kampala Uganda
Tel: +256 417-425500
Email: ira@ira.go.ug
WebsiteL Link

Eligibility

All local or foreigner of 18 years and above wishing to start an Insurance company in Uganda are Eligible.

Fees

Application Fees:

• 500,000 Ugshs. - Registration

License Fee:

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

Validity

An insurance licence issued remains in force until suspended, varied or revoked.

Documents to Use

Application Form

Sample Documents

Please attach sample completed documents that would help other people.

Processing Time

Maximum processing time: Sixty days.

Related Videos

Videos explaining the procedure or to fill the applications. 
Attach videos using the following tag <&video type='website'>video ID|width|height<&/video&> from external websites. 	
Please remove the '&' inside the tags during implementation.
Website = allocine, blip, dailymotion, facebook, gametrailers, googlevideo, html5, metacafe, myspace, revver, 
sevenload, viddler, vimeo, youku, youtube
width = 560, height = 340, Video ID = Can be obtained from the URL of webpage where the video is displayed.
e.g In the following url 'http://www.youtube.com/watch?v=Y0US7oR_t3M' Video ID is 'Y0US7oR_t3M'.

Instructions

A person shall not carry on or purport to carry on, insurance business, reinsurance business or the business of a HMO in Uganda without a valid licence issued by the Authority.

Required Information

1. Name and Address of Company/Firm/Person
2. Legal Status (e.g. Limited Company, sole proprietor, partnership) mutual insurance company, also indicate whether local or foreign.
3. Physical location of 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 case of mutual Insurance Company, also attach instruments of subscription for members).
8. Nature of business (e.g. Life insurance, Non-life insurance, reinsurance, brokerage, agency, loss assessors, loss adjuster etc.)
9. Date of commencement of business.
10. Names, addresses, nationality, qualifications and occupation of Directors
11. Names, nationality and address of shareholders
12. Names, qualifications and experience of senior executive and key management staff.

Need for the Document

Please provide the need for the procedure. e.g. Birth Certificate - why do we need to have a birth certificate? 
 

Information which might help

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Other uses of the Document/Certificate

Please explain what are other uses of obtaining this document/certificate.
e.g. Birth Certificate can be used as proof of identity.

External Links

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Others

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