Insurance Regulatory Authority of Uganda
|Jurisdiction||Government of Uganda|
|Headquarters||Nakasero, Kampala, Uganda|
|Parent agency||Uganda Ministry of Finance and Economic Planning|
The Insurance Regulatory Authority of Uganda (IRAOU) is a government agency mandated to regulate, supervise, and monitor the insurance industry in Uganda, the third-largest economy in the East African Community. The agency's primary objective is to "ensure the effective administration, supervision, regulation and control of the business of Insurance in Uganda".
The headquarters of IRAOU are located in the Legacy Towers Complex at 5 Kyaddondo Road, on Nakasero Hill in Kampala Central Division. The coordinates of the IRAOU headquarters are 0°19'49.0"N, 32°34'41.0"E (Latitude:0.330278; Longitude:32.578056).
The agency was created in 1997, by 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, IRAOU 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.
- Bank of Uganda
- Economy of Uganda
- Uganda Retirement Benefits Regulatory Authority
- National Social Security Fund (Uganda)
- Uganda Revenue Authority
- Google. "Location of the Headquarters of Insurance Regulatory Authority of Uganda At Google Maps". Google Maps. Retrieved 12 August 2014.
- IRAOU. "The History of Insurance Regulatory Authority of Uganda". Insurance Regulatory Authority of Uganda (IRAOU). Retrieved 12 August 2014.
- IRAOU. "Board Members And Senior Management Team". Insurance Regulatory Authority of Uganda (IRAoU). Retrieved 12 August 2014.
- Ngigi, George (1 July 2014). "Uganda Insurance Watchdog Targets Top Kenyan Bosses". The EastAfrican (Nairobi). Retrieved 12 August 2014.