Uganda Insurance Commission, act now
Oct 20, 2009
EDITOR—I am concerned with the way the Makerere Deposit Administration Plan (DAP) and the National Insurance Corporation (NIC) issue is being handled.
EDITOR—I am concerned with the way the Makerere Deposit Administration Plan (DAP) and the National Insurance Corporation (NIC) issue is being handled.
There are a number of questions to the key stakeholders concerning the DAP, amounts outstanding, investment mandates and withdrawal from the scheme.
What is the Uganda Insurance Commission’s (UIC) position on the matter as a regulator? What records does the UIC have on the Makerere DAP scheme from its quarterly and annual inspections?
As an arbitrator of such contentions what role has the UIC played from 2004 to date on the NIC-Makerere misunderstanding.
What role has the Uganda Insurance Association played in ensuring NIC or even the UIC handle the Makerere-DAP issue professionally without causing the public completely doubt the ability of the entire industry to pay clients funds/claims?
What was the investment mandates of the Makerere DAP funds?
The public has got wrong perception about insurance and it is the reason why our insurance industry still contributes below 1% of our economy! One of the roles of the UIA is to promote public awareness but it is absurd that in the last one month the NIC-Makerere saga is doing more harm than good to the insurance sector. I would like to caution the public.
A good insurance company is one with a strong balance sheet with high liquidity and easily disposable assets. Those with deposit/pension schemes with Life Insurance Companies should have clear mandates of where their funds should be invested. The Uganda Insurance Commission, and the Uganda Insurance Association should act immediately.
Peter Byenkya Kajura
Kampala
There are a number of questions to the key stakeholders concerning the DAP, amounts outstanding, investment mandates and withdrawal from the scheme.
The public has got wrong perception about insurance and it is the reason why our insurance industry still contributes below 1% of our economy! One of the roles of the UIA is to promote public awareness but it is absurd that in the last one month the NIC-Makerere saga is doing more harm than good to the insurance sector. I would like to caution the public.
A good insurance company is one with a strong balance sheet with high liquidity and easily disposable assets. Those with deposit/pension schemes with Life Insurance Companies should have clear mandates of where their funds should be invested. The Uganda Insurance Commission, and the Uganda Insurance Association should act immediately.
Peter Byenkya Kajura
Kampala