Uganda Insurance Industry – Governance, Risk and Compliance

Uganda Insurance Industry Regulation Overview

The Insurance Regulatory Authority of Uganda (IRA) regulates the Uganda insurance industry. The International Association of Insurance Supervisors (IAIS), the African Insurance Organization (AIO), and the Uganda Insurers Association (UIA) are the other regulatory and supervisory bodies that oversee the operations of the Uganda insurance industry.

The Uganda insurance industry governance regulation research report provides a detailed analysis of the regulations for several insurance types including life, property, motor, and liability. The report specifies various requirements for the establishment and operation of insurance and reinsurance companies as well as intermediaries. It gives insurers access to information on prevailing insurance regulations, coupled with recent and upcoming changes in the regulatory framework, taxation, and legal system in the country. The Uganda insurance industry regulation report also includes the scope of non-admitted insurance.

Uganda Insurance Industry – Key Regulators and Legislation

Insurance Regulatory Authority of Uganda (IRA): The IRA establishes standards for conducting insurance and reinsurance business. Moreover, it provides the license for the conduction of the insurance business for the reinsurers and intermediaries. The Insurance Regulatory Authority of Uganda also approves the text in policies and the minimum rates of insurance premiums and maximum commissions with respect to all classes of insurance.

International Association of Insurance Supervisors (IAIS): The IAIS is a membership-driven global organization representing insurance regulators and supervisors. It formulates and issues various global insurance principles, standards, and guidance; provides training and support on issues related to insurance supervision; and organizes meetings and seminars for insurance supervisors. The IAIS works closely with other financial sector standard-setting bodies and international organizations to promote financial stability.

The law regulating the Uganda insurance industry is the Insurance Act 2000.

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Uganda Insurance Industry - Compulsory Insurance

A few of the compulsory insurances required within the Uganda insurance industry are:

• Motor Third-Party Liability Insurance
• Aviation Liability Insurance
• Professional Indemnity Insurance
• Social Security Insurance
• Transit Insurance

Compulsory Insurance in Uganda

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Uganda Insurance Industry - Company Registration and Operation

A license is required to operate in the Uganda insurance industry. The Insurance Act 2017 does not permit an intermediary operation without being registered by the IRA. According to Section 82 of the act, insurance intermediaries must obtain a valid license from the IRA to operate. This is applicable to reinsurers as well. Brokers can operate in Uganda if they are incorporated under the Companies Act 2012.

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Uganda Insurance Industry – Taxation

Tax is imposed upon insurance premiums within the insurance industry in Uganda. The other taxes imposed are corporate income tax, corporate capital gains tax, and value-added tax.

Corporate Income Tax: Tax is administered and supervised by the Uganda Revenue Authority (URA). It is responsible for achieving an effective, efficient, transparent, and taxpayer-oriented tax administration in the country. Regulations related to taxation in Uganda are outlined in the Income Tax Act, CAP 340, Value Added Tax Act, and CAP 349.

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Scope

• The report covers details of the insurance regulatory framework in Uganda.
• The report contains details of the rules and regulations governing insurance products and insurance entities.
• The report lists and analyzes key trends and developments pertaining to the country’s insurance regulatory framework.
• The report analyzes the rules and regulations pertaining to the establishment and operation of insurance businesses in the country.
• The report provides details of taxation imposed on insurance products and insurance companies.

Key Highlights

• The Ugandan insurance industry is regulated by the Insurance Regulatory Authority of Uganda.
• MTPL and workmen’s compensation insurance are the compulsory classes of insurance in the Ugandan insurance industry.
• Composite insurance is not permitted in Uganda.
• Non-admitted insurance is prohibited by the law. However, reinsurers are permitted to operate without a license.
• Microinsurance, reinsurance, and certain other insurance policies are exempt from VAT in the Ugandan insurance industry.

Reasons to Buy

• Provides FAQ-style analytical insights comprising 129 knowledge elements on insurance compliance applicable to the country.
• Gain insights into the insurance regulatory framework in Uganda.
• Track the latest regulatory changes, and expected changes impacting the Ugandan insurance industry.
• Gain detailed information about the key regulations governing the establishment and operation of insurance entities in the country.
• Understand key regulations and market practices pertaining to various types of insurance products.