OUR POSITION ON THE PUBLIC NOTICE ISSUED BY URBRA ON 10TH AUGUST, 2017
It has become necessary for the Management of NIC Life Assurance Company Limited to make the following clarifications on the status of the Company’s licenses, in the light of the Public Notice issued by the Uganda Retirement Benefits Regulatory Authority (URBRA) on 10th August, 2017 entitled “unlicensed service provider – NIC Life Assurance Company Limited”:
• Before the coming into force of the Uganda Retirement Benefits Regulatory Authority Act (URBRA Act) NIC was a significant player in the retirement benefits sector, with the Company’s time-tested, unique, DAP product.
• Upon the coming into force of the URBRA Act, NIC applied and was duly licensed by URBRA both as Administrator and as Corporate Trustee.
• The licence was renewed at expiration of the term, but upon further application for renewal of the licenses, URBRA outlined a number of requirements and conditions to be met before the licenses would be renewed.
• NIC Life was in the process of meeting the licensing requirements when URBRA advised that no further action would be taken in respect of NIC Life’s applications until the Company’s independent in-house staff scheme is licensed.