Insurance Regulatory Authority of Ugandainsurance regulatory authority of ugandan, insurance regulatory authority of uganda africa
The Insurance Regulatory Authority of Uganda IRAU is a government agency mandated to "ensure the effective administration, supervision, regulation and control of the business of Insurance in Uganda"
- 1 Location
- 2 History
- 3 Administration
- 4 Recent developments
- 5 See also
- 6 References
- 7 External links
The headquarters of IRAU are located in the Legacy Towers Complex at 5 Kyaddondo Road on Nakasero Hill in the Kampala Central Division The coordinates of the IRAU headquarters are 0°19'490"N, 32°34'410"E Latitude:0330278; Longitude:32578056
In March 2018, construction began on Insurance Towers, a 13-floor skyscraper to house the the headquarters of IRAU The 16,500 square metres 178,000 sq ft building is being built by Roko Construction Company Limited, at a cost of USh284 billion approx US$8 million Completion is expected in September 2019
The agency was created in 1997 by an Act of Parliament This followed the liberalization and privatization policies of Uganda's government, which ended its direct provision of goods and services and the adoption the role of supervisor and regulator
The policy-setting, seven-member board of directors is chaired by Gaudioso Kabondo Tindamanyire The four-person Senior Management Team is led by Kaddunabbi Ibrahim Lubega, the chief executive officer, who also sits on the board
In July 2014, IRAU directed every insurer in the country to form separate companies dealing in life business life policies, annuities, etc and general business liability, automobile, general risk, etc The objective was to prevent a downturn in one type of business from spreading risk across the entire industry Also, foreign insurance companies were instructed to have no more than two non-Ugandans in their top management, with one of the top two being Ugandan That same regulation also required at least half the members of the board of directors of each insurance company to reside inside Uganda These measures were aimed at encouraging the development of local talent and capacity building within the industry Businesses were given until 1 January 2015 to comply
- Economy of Uganda
- ^ IRAU 7 October 2016 "About the Insurance Regulatory Authority of Uganda" Kampala: Insurance Regulatory Authority of Uganda IRAU Retrieved 7 October 2016
- ^ Google 12 August 2014 "Location of the Headquarters of Insurance Regulatory Authority of Uganda At Google Maps" Map Google Maps Google Retrieved 12 August 2014
- ^ Khisa, Isaac 29 March 2018 "Uganda: Construction Starts On A Shs284 Billion Insurance Towers" The Independent Uganda via AllAfricacom Kampala Retrieved 29 March 2018
- ^ IRAU "The History of Insurance Regulatory Authority of Uganda" Kampala: Insurance Regulatory Authority of Uganda IRAU Retrieved 12 August 2014
- ^ IRAU "Board Members And Senior Management Team" Insurance Regulatory Authority of Uganda IRAU Retrieved 12 August 2014
- ^ Ngigi, George 1 July 2014 "Uganda Insurance Watchdog Targets Top Kenyan Bosses" The EastAfrican Nairobi Retrieved 12 August 2014
- Official Website
Coordinates: 00°19′49″N 32°34′41″E / 033028°N 3257806°E / 033028; 3257806
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