Insurance Regulatory Authority Gets New Board

The Insurance Regulatory Authority has a new board. While congratulating them on their appointment, Maria Kiwanuka, the minister of Finance, tasked the board to be mindful of their responsibility to ensure growth in the insurance sector.

“The Insurance Regulatory Authority is a government arm for the effective supervision, control and administration of the insurance industry in Uganda. You, therefore have the honourable responsibility to ensure a sound and stable insurance industry by ensuring that the authority’s core objectives are achieved,” Kiwanuka said.

She asked the board to ensure conclusion of amendments to the Insurance Act in order to comply with the East African regional integration requirements. Kiwanuka also charged the board to push for an increase in insurance premiums within the industry.

For the first time, the board has a representative from the ministry of Health, Dr Francis Runumi, whose role will be to spearhead the completion of the National Health Insurance policy. Kiwanuka asked the board to work with insurance players to create new products for the micro, agro and health sectors of the economy.

“You should, therefore, encourage insurance players to innovate products in micro insurance to cater for the low-income households.”

The new board has MP Gaudioso K Tindamanyire as chairperson. The others are: Hajjati Aphwa K. Ssebyala, Benedict Ssekabira, Robert Okudi, and David F.K. Mpanga. IRA Chief Executive Officer, Hajji Kaddunabbi Ibrahim Lubega, retains his seat on the board.

The ministry of Finance, previously represented by an assistant commissioner, Martin Nsubuga, is yet to nominate a representative to the IRA board.

Source : The Observer

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