Uganda - Renewal of Insurance Licence

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Procedure

1. Renewal of insurance License can be obtained from the insurance regulatory Authority of Uganda.
2. A renewal application form of insurance licence shall be made in Form 3 to the Insurance Regulatory Authority of Uganda.
3. Fill the application form 3 and attach all the required documents for renewal as prescribed in the section of required documents in this procedure.
4. The old application for renewal of Insurance licence, should be returned to the insurance regulatory Authority for endorsement on it of the renewal which shall be in Form.
5. The fee payable on the renewal of insurance licence shall be five thousand shillings, and should be paid before submission of the application.
6. In renewing insurance Licence under the insurance Act, the insurance Regulatory Authority of Uganda may make such amendments to the Licence and impose such new terms and conditions as it considers fit.
7. The Insurance Regulatory Authority of Uganda shall, if satisfied as to the particulars shown in the Renewal application and if satisfied that all requirements of the Insurance Act and the regulations have been complied with, renew the Licence of the applicant for the next licensing year.
8. Not less than one month before the end of a licensing year, every holder of Insurance Licence, who intends to renew his or her Licence shall apply to the Insurance Regulatory Authority in the prescribed manner accompanied by the prescribed fee and any other forms or documents that may be prescribed.

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Required Documents

• A certificate of incorporation,
• certified true copies of the articles and memorandum of association or any other document by which the M.I.O is constituted (for first time applicants) or
• any resolution or similar document that alters or affects the initially submitted articles and memorandum of association for an M.I.O applying for renewal.
• Evidence of an established bank account (premium collection account) under the applicant's direct control where every amount received as premium paid is deposited and shall be distinct from other accounts.
• Detailed and signed CVs of individuals who are responsible for the conduct of affairs of the applicant including the M.I.O directors,
• a C.E.O, and accountant and a senior manager who must have filled and completed the fit and proper questionnaire, the following notwithstanding.
• At least 50% of the board of directors to be resident in Uganda.
• A C.E.O or principle officer who must have a recognized degree and at least qualify as an associate of the Insurance Institute of Uganda or have a minimum of 5 years demonstrated experience in insurance.
• A full time account who should possess a business related degree and at least level 11 CPA and 3 years of working experience.
• A list of the shareholders, and details regarding their shareholding, nationality and contact details in the M.I.O.
• A list of the shareholders, and details regarding their shareholding, nationality and contact details in the M.I.O.
• Annual accounts duly audited by an auditor approved by the authority to be submitted within 3 months from the end of the calendar year.
• Management accounts to be submitted within 30 days from the end of each quarter.
• At least a 3 year business plan approved by the M.I.O board and endorsed by the external auditor including the following
• A statements of financial position for previous year
• A statements of comprehensive income for previous year
• A Statement of cash flows for previous year.
• Detailed enrollment for volumes of business in the previous years.
• Premium rate schedules certified by an actuary.
• A statement as to the sources of capital including working capital.
• Evidence of an internal grievance procedure regarding investigations and resolution of covered person's complaints and grievances reports.
• Evidence of membership to Uganda Insurers Association of Uganda.
• Evidence of membership to the Insurance Institute of Uganda.
• Evidence of payment of all monies due to the authority i.e fines, interests among others by the time of submission for renewal of the license application.
• The company's policy on assessment of risk duly approved by the board of directors.
• The company's policy on assessment of risk duly approved by the board of directors.
• A specimen copy of the master policy together with the benefit package issued to the public and approved by the authority.
• For limited liability companies, a certified copy of the M.I.O annual returns registered with Uganda Registration Services Bureau that was filed in a year from the date of submission of the application to the authority.
• Reinsurance arrangements that was recommended by the authority.
• Any other documents/ information as maybe required by the authority for a renewal process to be successful.

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

Applicant should be holding an insurance licence to be eligible for renewal of a Licence.

Fees

• Application fee: 500,000Ugshs.
• Renewal Fee: 500,000 Ugshs

Validity

The 31st day of December of the year in which it is issued.

Documents to Use

Application Form

Sample Documents

Please attach sample completed documents that would help other people.

Processing Time

Maximum Processing Time: 2 Weeks

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 licensee shall display his or her licence prominently at the principal place of business in a part to which the public can have access and shall display a copy of the licence in each branch of the business in Uganda.

Required Information

1. Names of applicant:
2. Postal address (Head office):
3. Telephone Nos:
4. Fax No
5. E-Mail:
6. Physical address:
7. Share capital (a) Authorised:
8. Paid up capital
9. Information on Insurance business intended to be transacted for
10. Names and address of Bankers
11. Name, Nationality and address of the directors of the applicant:
12. photocopy of professional indemnity insurance cover
13. Total No. of employees employ.

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

• The Authority shall not grant a licence to an applicant for a licence established outside Uganda unless the Authority consults the supervisor of the applicant in the country where the applicant is established.
• Every licensee shall comply with the provisions of the Anti-Money Laundering Act, 2013 and the laws relating to combating financing of terrorism.

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

• External Link 1
• External Link 2

Others

More information which might help people.