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
Posta Uganda to launch financial services
Posta Uganda will launch financial services to use its country wide postal networks to promote financial inclusion especially the unbanked rural communities....
UAE Exchange customer wins MoneyGram’s grand getaway first weekly draw
Electronic gadgets were raining for the customers of UAE Exchange as the winners for the first draw of MoneyGram’s Grand Getaway promotional campaign was announced. Five winners were announced in the first weekly draw conducted on July 16, 2015....
Mutebile to speak on technology, financial inclusion
Central bank governor Prof. Tumusiime Mutebile is expected to deliver a keynote address focusing on regulation of information technologies in August....
Are foreign direct investments benefiting EAC citizens?
East African Community (EAC) member states continue to post impressive Foreign Direct Investment (FDI) figures, according to the 2015 World Investment Report....
Lack of compliance to UNBS laws fueling counterfeits
LACK of complying with existing laws under the Uganda National Bureau of Standards (UNBS) and stipulated standards has led to the increased usage of counterfeit materials...
Standard Chartered scoops best consumer digital bank award
Standard Chartered Bank Uganda has been awarded best consumer digital bank by Global Finance Magazine. Standard Chartered Bank PLC largely dominated the Global Finance Magazine’s 2015 Best Consumer Digital Bank Awards in Asia, Africa and the Middle East, winning 17 country awards and 6 regional aw...
Should faith based organisations be registered as Non-government organisations?
Yes
No
Can't Say
follow us
subscribe to our news letter