Uganda - Obtain Insurance Surveyor License

ProcedureEdit

Apply in-person

To obtain an insurance survey license, the applicant shall apply to the Insurance Regulatory Authority (IRA) in writing in a prescribed form and manner specified by the Authority.
- A person proposing to transact insurance business shall apply to the Authority, in a prescribed form, for a license, which application shall be considered by the Authority. The application must contain prescribed information.
- A person shall transact insurance or reinsurance business in Uganda without a valid license granted for that purpose, however, the Insurance Regulatory Authority (IRA) may authorize the effecting of insurance with a foreign insurer in exceptional circumstances.
Applicants are required to collect and complete the prescribed application form, obtainable from the insurance regulatory Authority(IRA) head office.
Submit the completed form in all respect and all the relevant documents to the Insurance regulatory Authority. Any omission of the supporting documents will render the application process incomplete.
The Authority shall, within four months after receipt of a complete application, investigate and prepare a detailed report in respect of the application. It shall then 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.
When considering an application for a license shall satisfy itself as to 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;
- and whether the public interest would be served by granting a license.
After considering the application then Pay a non- refundable license fee of (2,500,000)to the insurance regulatory Authority (Licensing) Board.
The Authority shall then consider an application and inform the applicant of its decision within 6 months after the application has been lodged and where further information is required, the 6 months period begins to run from the date of the submission of the additional information.
The Authority may if it is satisfied that the applicant complies with the provisions of the Act, grant a license to the applicant, on the payment of the prescribed fee or refuse to grant a license and give reasons in writing for its decision.
- If an application is refused, the Authority shall communicate its decision to the applicant within six months from receipt of a complete application.
In this case, the applicant may appeal to the Minister within thirty days from the receipt of the communication of the Authority, if aggrieved by the decision of the authority; and the Minister shall make a decision within thirty days from the date of the appeal.
The license shall be subjected to terms and conditions as the Insurance regulatory Authority deem fit. The licensee shall also be subjected to supervision and monitoring by the Insurance regulatory Authority.
A license shall expire at the end of one year from the date of issue and may be renewed on application, in the prescribed form and after payment of the prescribed fees.

Required DocumentsEdit

Paid up capital
Articles and memorandum of association
True copy of Certificate of incorporation
Receipt as proof of payment
Statement showing breakup of paid capital
Statement showing number of persons working with the company
Names of directors of the company

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Office Locations & ContactsEdit

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

EligibilityEdit

No person who is not a company shall be eligible to be licensed as an insurance surveyor.

FeesEdit

License fees Ugshs. 2,500,000

ValidityEdit

Valid for one year

Documents to UseEdit

Please attach documents that can be used by people. e.g. links

Sample DocumentsEdit

Please attach sample completed documents that would help other people.

Processing TimeEdit

Maximum processing time 21 days

InstructionsEdit

That no person shall be granted a license unless his or her principal object is the transacting of insurance or reinsurance business

Required InformationEdit

Name of company
Registered office.
Date of incorporation
Address
Email
Location, address and telephone number of principal office
Details of capital structure
Shareholders
Directors
Particulars of other directorship(s) of the directors and secretary
Particulars of shares held by directors or secretary in other companies
Business references
Profile of the chief executive and key employees in the applicant company
List the office facilities of the applicant
State the exact nature of the activity to be carried on which obliges the applicant to apply for a license from the Capital Markets Authority.

Need for the DocumentEdit

The purpose of this document is to regulate different insurance activities in Uganda.
The fund currently provides medical insurance to all registered members alongside their dependents.
The insurance survey document is usually needed by some employers as workers compensation insurance before offering a job to a prospective employee.

Information which might helpEdit

The Authority may in consultation with the Minister make regulations providing for the procedure and formalities for the grant, suspension and revocation of licenses granted under the Act.
- The following are insurance surveyors
- Fire and property damage
- Marine and transport business
- Motor third party compulsory insurance
- Agriculture insurance including crop insurance.
- Accident and health business.
- Liability business

External LinksEdit

OthersEdit

More information which might help people.