Insurance Regulatory Authority to get sh28b tower

Construction works for a sh28b building (Insurance Tower) to house the Insurance Regulatory Authority of Uganda (IRA) has commenced with a ground breaking ceremony at Plot 6 Lumumba Avenue in Kampala.

The Insurance Tower, an eleven-storeyed structure will be complete in 18 months and handed over in September 2019, the contractor, Roko Construction Company has assured.

IRA was established under section 14 of the Insurance Statute 1996 and amended in 2000. Its main objective is to ensure the effective administration, supervision, regulation and control of the business of Insurance in Uganda.

According to Roko, local materials will be used and Ugandan manpower will be employed during the construction.  

Finance minister, Matia Kasaija, in a speech read for him by the Parliament Finance committee chairperson, Henry Musasizi (Rubanda West), said upon completion, IRA staff is expected to improve service delivery and customer care.

The minister hailed IRA Chief Executive Officer, Ibrahim Kaddunabi Lubega and the board for the visionary leadership which is yielding results in the insurance industry in Uganda.

IRA CEO, Kaddunabi Lubega, MP Henry Musaaizi, IRA board members and contractors at the ground breaking ceremony at Lumumba Avenue in Kampala.

Kaddunabi revealed that the dream for IRA to get its own home was conceived in 2000.

"Seventeen years later, the dream has come to a reality.  I am very optimistic that with better working environment, the IRA great team will even work much better to serve Ugandans," Kaddunabi said.

IRA board chairperson, Dr Nkote Nabeta said the architectural designs were agreed upon and approved after a thorough study.

The construction of the Insurance Tower is yet another achievement of Kaddunabi's contribution at the helm of IRA. Parliament recently passed a motion to honouring him upon his election as president of African Insurance Organisation (AIO).

 AIO is an umbrella body for all African insurance practitioners on the African continent with 351 corporate entities.

Kaddunabbi is also the chairperson of the East African Insurance Supervisors Association and a fellow of the Australian and New Zealand Institute of Insurance and Finance.