IRA to tighten insurance rules in Uganda
Measures to tighten the implementation of insurance regulations in Uganda are to be put in place.Measures to tighten the implementation of insurance regulations in Uganda are to be put in place.
According to the Insurance Regulatory Authority (IRA), local businesses are barred from insuring risks in other nations, provided they can be safely covered at home, the New Vision reports.
However, the body has received complaints from some firms in the sector, who believe it is failing to adequately enforce the rules on cross-border insurance, which means the industry is not performing as well as it could.
The IRA is responding to these concerns by insisting it will do more to ensure Section 28 of the Insurance Act is enforced more heavily in order to boost the market's future growth prospects.
Mariam Nalunkuuma, public relations officer at the IRA, said the body will "double our efforts on this matter".
However, she dismissed suggestions that the group has been "failing to execute its mandate", as the IRA has tried to ensure local businesses looking to take out insurance "always get in touch with locally licensed insurance companies".