Marketplace
The Insurance Regulatory Authority of Uganda
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Core Mandate and Functions
The primary objective of the IRA is to ensure a safe, sound, and sustainable insurance market while protecting the interests of policyholders and beneficiaries. The Authority operates under the Uganda Ministry of Finance, Planning and Economic Development.
Its key functions include:
Licensing and Supervision: The IRA licenses and continuously monitors all insurance players, including insurance companies (life and general), brokers, agents, loss adjusters, bancassurance agents, and health membership organizations.
Consumer Protection: It works to ensure that high-quality, transparent insurance services and products are available to the public. The IRA provides a Complaints Management platform to resolve disputes between policyholders and insurance companies.
Product and Rate Approval: The Authority reviews and approves all insurance products and minimum premium rates before they are launched in the market to ensure fairness and solvency.
Market Development: The IRA commits resources to facilitating the growth and development of the insurance market, including promoting micro-insurance and agricultural insurance to increase coverage among vulnerable populations.
Enforcement and Compliance: It enforces compliance with the Insurance Act, including guidelines on claim settlements, ensuring that companies maintain the required minimum capital and solvency margins.
Address
Plot 5, Kyadondo Road, Nakasero. P.O Box 22855, Kampala, Uganda
Contact number
Website address