Insurance Regulatory Authority of Uganda
| IRAOU | |
| Agency overview | |
|---|---|
| Formed | 1997 |
| Jurisdiction | Government of Uganda |
| Headquarters | Nakasero, Kampala, Uganda |
| Agency executives |
|
| 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 the East African Community. The agency's primary objective is to "ensure the effective administration, supervision, regulation and control of the business of Insurance in Uganda".[citation needed]
Contents
Location
The headquarters of IRAOU 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, seven-member board of directors is chaired by Gaudioso Kabondo Tindamanyire. The four-person Senior Management Team is led by Kaddunabbi Ibrahim Lubega, the chief executive officer, who also sits on the board.[3]
Recent developments
In July 2014, IRAOU directed every insurer in the country to form separate companies dealing in life business (life policies, annuities, etc.) and general business (liability, automobile, general risk, etc.). The objective was 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 required at least half the members of the board of directors of each insurance company to reside inside Uganda. These measures were 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
- Bank of Uganda
- Economy of Uganda
- Uganda Retirement Benefits Regulatory Authority
- National Social Security Fund (Uganda)
- Uganda Revenue Authority
References
External links
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