Business
75 insurance sector players licensed
Publish Date: Jan 10, 2014
75 insurance sector players licensed
UIA CEO Mariam Magala (left) shares medical information with Dr. D.KW Lwamafa, the commissioner for health services recently. FILE PHOTO
  • mail
  • img
newvision

By Samuel Sanya

THE Insurance Regulatory Authority (IRA) has licensed 75 firms as the insurance industry continues to grow. New Health Membership Organisations (HMOs) have also been licensed.

Licensed Health Membership Organisations have increased to 10 from seven.

A total of 22 licensed insurance companies, 26 insurance brokers, 17 loss assessors, adjusters, insurance surveyors and risk managers and 89 agents have so far been licensed.

“The authority is still examining agents’ applications for the year 2014. We advise the public to only deal with the licensed firms. More firms will be licensed during the year as they meet the requirements,” said Mariam Naluunkuma, the IRA spokesperson.

The Insurance Act requires all insurance players to be licensed by the authority before transacting any businesses during the year.

Section 95 (1) requires that all those licensed under the Insurance Act display their licences prominently at the principal place of business and to display a copy of their license in each of their branch offices in Uganda.

Insurance sector premiums are set to hit sh435b for the 2013, a 24% growth, according to the IRA, due to lower inflation and declining commercial bank interest rates.

Gross premiums collected have continued to rise from sh296.8b in 2011 to sh351.2b in 2012, representing 23.7% and 18.48% growth for each year.

Nakasero Hospital struck off list of medical insurers

Nakasero Hospital applied for a license, however, several issues, including sudden tariff adjustments, unreasonably high drug charges and high professional fee charges have led to the hospital’s license not being renewed.

A document signed by Mariam Magala, the Uganda Insurers Association (UIA) boss and the Medical Insurers Committee, indicates that the hospital has been barred from offering medical insurance services. 

“What Nakasero is charging is too high for clients. We are still negotiating with them to get fair rates for clients,” Faith Ekudu, the Uganda Insurers Association spokesperson said.

There are more than 20 other hospitals around the country that have been licensed under the medical insurance scheme.

HMOs collect premiums from clients before referring them to licensed hospitals for treatment and related medical services.

The statements, comments, or opinions expressed through the use of New Vision Online are those of their respective authors, who are solely responsible for them, and do not necessarily represent the views held by the staff and management of New Vision Online.

New Vision Online reserves the right to moderate, publish or delete a post without warning or consultation with the author.Find out why we moderate comments. For any questions please contact digital@newvision.co.ug

  • mail
  • img
blog comments powered by Disqus
Also In This Section
Vision Mobile products and services
Vision Mobile, a Small Business Unit of Vision Group provides state of the art based products, services and applications with a mission to offer the most advanced Value Add Services in Uganda....
Ugandans cautioned of fake, dirty soft drinks on market
As the Uganda National Bureau of standards (UNBS) steps up efforts to increase compliance to standards, a section of manufactures of juice are still not conforming to the required procedures and standards....
UTB to promote domestic tourism through discounted tours
In its commitment to promote domestic tourism with a bang this year, the Uganda Tourism Board in partnership with the Uganda Safari Guides Association and Uganda Wildlife Authority has started providing highly discounted domestic adventures around the country...
Digital migration: Pay TV service providers rush to cash in as deadline looms
As the June 30, 2015 global digital migration deadlines nears, pay television services providers are rushing to cash in from the members of the public who would want to do last minute purchases....
MTN changes loading, checking balance codes
In an effort to improve the user experience of our customers, MTN has implemented the standard industry codes for loading airtime and checking balance for all Mobile voice customers in Uganda....
Seven tips every startup needs to follow in 2015
Did you know that in 2014 the world hit 52% of its entrepreneurial capacity? That’s according to the Global Entrepreneurship Index, which hosted last year’s 2014 Global Entrepreneurship Summit in Morocco....
Is KCCA doing enough to curb poor hygeine?
Yes
No
Can't Say
follow us
subscribe to our news letter