• No_Ads
Business
75 insurance sector players licensedPublish Date: Jan 10, 2014
75 insurance sector players licensed
  • mail
  • img
UIA CEO Mariam Magala (left) shares medical information with Dr. D.KW Lwamafa, the commissioner for health services recently. FILE PHOTO
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
Sponsors visit nominees for best farmers award
With the use of simple innovations, one can practise farming in the smallest of spaces. This was the general consensus after the sponsors of the national best farmer’s competition visited two of the farmers in the contest....
Tobacco industry cautions on new legislation
The tobacco industry leaders in Uganda have expressed concern about the new legislation to regulate the industry saying it might suffocate tobacco farming and investments in the country....
MPs want more money for research and innovation
The Uganda Industrial Research Institute (UIRI) boss Prof. Charles Kwesiga has appealed to the executive and parliament to allocate his agency a one off additional sh28b to enable it execute its mandate of catalyzing industrialization, value addition and entrepreneurship in the country....
Apple splitting stock as iPhone sales soar
Apple shares jumped more than seven percent in after-market trade following the release of January-March earnings figures....
Karuma dam facing shortage of skilled manpower
The contractor of the long-awaited Karuma hydropower dam has said the project is lacking electricians and skilled manpower to operate machines....
UTODA, consultant in sh157m row
A row has erupted between Uganda Taxi Operators and Drivers Association (UTODA) and a consultant who is demanding sh157m as unpaid fees....
WIll the national ID registration process be completed in the scheduled 4 months timeframe?
Yes
No
Can't Say
follow us
subscribe to our news letter