With the new Insurance Act, 2017 in place the Insurance Regulatory Authority is optimistic that the Industry is on the right path to compliance with the Insurance Core Principles developed by the International Association of Insurance Supervisors.
Marium Nalunkuuma the spokesperson Insurance Regulatory Authority says compliance is aimed at ensuring that Uganda’s insurance industry and its key players have structures in place, making Uganda a more acceptable destination for investors.
She also notes that the act has also solved the issue of money remittances from insurance brokers to insurance companies.
The provisions of the new Act, if diligently followed, will streamline and improve the insurance sector and its compliance with internationally accepted practices.
