Insurance Regulatory Authority of Uganda

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Insurance Regulatory Authority of Uganda
IRAU
Agency overview
Formed1997
Jurisdiction Government of Uganda
Headquarters Nakasero, Kampala, Uganda
Agency executives
Parent agency Uganda Ministry of Finance, Planning and Economic Development
Website Homepage

The Insurance Regulatory Authority of Uganda (IRAU) is a government agency mandated to "ensure the effective administration, supervision, regulation and control of the business of Insurance in Uganda". [1]

Contents

Location

The headquarters of IRAU are located at: Plot 6 Lumumba Avenue, on Nakasero Hill in the Kampala Central Division. The coordinates of the IRAU headquarters Kampala are:0°19'03.5"N 32°34'41.5"E. [2]

In March 2018, construction began on Insurance Towers, a 13-floor skyscraper to house the headquarters of IRAU. The 16,500 square metres (178,000 sq ft) building is being built by Roko Construction Company Limited, at a cost of USh28.4 billion (approx. US$7.6 million). Completion is expected in September 2019. [3]

History

The agency was created in 1997 by an 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. [4]

Administration

The policy-setting, seven-member board of directors is chaired by Isaac Nkote Nabeta. The seven-person Senior Management Team is led by Kaddunabbi Ibrahim Lubega, the chief executive officer, who also sits on the board. [5]

Recent developments

In July 2014, IRAU 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. [6]

Mission

To create an enabling regulatory environment for sustainable growth of the insurance industry while upholding best practices.

Vision

A model regulator of a developed and secure insurance industry.

Core Values

Integrity, Innovation and Resilience

See also

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References

  1. ↑ IRAU (7 October 2016). "About the Insurance Regulatory Authority of Uganda". Kampala: Insurance Regulatory Authority of Uganda (IRAU). Retrieved 7 October 2016.
  2. ↑ Google (30 August 2023). "Location of the Headquarters of Insurance Regulatory Authority of Uganda At Google Maps" (Map). Google Maps . Google. Retrieved 30 August 2023.
  3. ↑ Isaac Khisa (29 March 2018). "Uganda: Construction Starts On A Shs28.4 Billion Insurance Towers". The Independent (Uganda) via AllAfrica.com . Kampala. Retrieved 29 March 2018.
  4. ↑ IRAU. "The History of Insurance Regulatory Authority of Uganda". Kampala: Insurance Regulatory Authority of Uganda (IRAU). Retrieved 12 August 2014.
  5. ↑ IRAU. "Board Members And Senior Management Team". Insurance Regulatory Authority of Uganda (IRAU). Retrieved 12 August 2014.
  6. ↑ Ngigi, George (1 July 2014). "Uganda Insurance Watchdog Targets Top Kenyan Bosses". The EastAfrican . Nairobi. Retrieved 12 August 2014.

00°19′03.5″N32°34′41.5″E / 0.317639°N 32.578194°E / 0.317639; 32.578194

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