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Insurance Regulatory Authority of Uganda

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Insurance Regulatory Authority of Uganda

Insurance Regulatory Authority of Uganda
IRAOU
Agency overview
Formed 1997
Jurisdiction Government of Uganda
Headquarters Nakasero, Kampala, Uganda
Agency executive Gaudioso K. Tindamanyire, Chairman of the Board
Hajj Kaddunabbi I. Lubega
Chief Executive Officer
Parent agency Uganda Ministry of Finance and Economic Planning
Website Homepage

The Insurance Regulatory Authority of Uganda (IRAOU), is a government agency mandated to regulate, supervise and monitor the insurance industry in Uganda, the third-largest economy in East Africa. The agency's primary objective is to "ensure the effective administration, supervision, regulation and control of the business of Insurance in Uganda".

Location

The headquarters of the Insurance Regulatory Authority of Uganda are located in the Legacy Towers Complex at 5 Kyaddondo Road, on Nakasero Hill, in Kampala Central Division. The coordinates of the IRAOU Headquarters are:0°19'49.0"N, 32°34'41.0"E (Latitude:0.330278; Longitude:32.578056).[1]

History

The agency was created in 1997, by Act of Parliament. This followed the liberalization and privatization policies of Uganda's government, which ended its direct provision of goods and services and the adoption the role of supervisor and regulator.[2]

Administration

The policy-setting organ of the seven-member Board of Directors, is chaired by Gaudioso Kabondo Tindamanyire. The four-person Senior Management Team is led by Hajj Kaddunabbi Ibrahim Lubega, the Chief Executive Officer, who also sits on the Board of Directors.[3]

Recent developments

In July 2014, IRAOU directed that every insurer in the country should form separate companies dealing in (a) Life business (Life policies, Annuities etc.) and in (b) General business (Liability, Automobile, General risk etc.).The objective is to prevent a downturn in one type of business from spreading risk across the entire industry. Also, foreign insurance companies were instructed to have no more than two non-Ugandans in their top management, with one of the top two being Ugandan. That same regulation also requires at least half the members of the Board of Directors of each insurance company to reside inside Uganda. These measures are aimed at encouraging the development of local talent and capacity building within the industry. Businesses were given until 1 January 2015 to comply.[4]

See also

References

  1. ^ Google, . "Location of the Headquarters of Insurance Regulatory Authority of Uganda At Google Maps".  
  2. ^ IRAoU, . "The History of Insurance Regulatory Authority of Uganda". Insurance Regulatory Authority of Uganda (IRAoU). Retrieved 12 August 2014. 
  3. ^ IRAoU, . "Board Members And Senior Management Team". Insurance Regulatory Authority of Uganda (IRAoU). Retrieved 12 August 2014. 
  4. ^ Ngigi, George (1 July 2014). "Uganda Insurance Watchdog Targets Top Kenyan Bosses".  

External links

  • Official Website

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