Uganda - Obtain an Insurance broker license
- 1 Procedure
- 2 Required Documents
- 3 Office Locations & Contacts
- 4 Eligibility
- 5 Fees
- 6 Validity
- 7 Documents to Use
- 8 Sample Documents
- 9 Processing Time
- 10 Related Videos
- 11 Instructions
- 12 Required Information
- 13 Need for the Document
- 14 Information which might help
- 15 Other uses of the Document/Certificate
- 16 External Links
- 17 Others
- To obtain a license as Insurance Broker the applicant have to approach the Uganda Insurance Regulatory Authority(UIRA).
- The applicant for the Licence of insurance broker business shall apply to the Authority, in a prescribed form 3B, for a Licence, which application shall be considered by the Authority.
- Application forms can be obtained from the respective offices which have to be filled in and submitted along with the documents that are listed under the Required Documents section.
- Before submitting the application processing fee has to be paid in the bank and receipt has to be attached with the application.
- Following links provide you information about office locations and more information about the process.
- If the applicant does not provide all the relevant information or if clarification is necessary, the applicant may be called upon to provide the information or Clarification to complete the application.
- If the Authority is satisfied that the applicant complies with the provisions of the Act, then a licence to the applicant is granted on the payment of the prescribed fee;
- In case the Authority refuses to grant a Licence , reasons must be given in writing for its decision.
Registration requirements. Fill a form with the following information
- The name and address of the company/firm.
- The legal status (e.g. limited company, partnership). Also, you indicate whether the firm is local or foreign.
- The physical location of the proposed Head office showing the plot No., the street, town, telephone number, fax, postal address and email address.
- The physical location of Branch offices showing the information.
- Date and Number of incorporation/registration
- Attach a copy of the Certificate of Incorporation/Registration and a copy of the Memorandum and Articles of Association.
- Nature of business (e.g. insurance or reinsurance brokerage).
- Date of commencement of business.
- Names, addresses, nationality, qualifications and occupation of Directors.
- Names, nationality and address of shareholders.
- Names, qualifications and experience of Senior Executive and key Management staff (attach organization chart).
License requirements. Fill an application form with the following information:
- The name of the applicant.
- Postal address of the Head office.
- Telephone numbers, fax number, email.
- Physical address.
- Share capital.
- Authorized and paid-up capital of not less than 75,000,000- Seventy five million shillings of which 17,500,000 -Seventeen million five hundred thousand shillings shall be invested in Government securities and on which the Authority shall have a lien.
- Insurance business intended to be transacted for (state whether life or non-life).
- Names and address of Bankers.
- External auditors.
- Names, nationality and address of the directors of the applicant.
- If any of the directors has been convicted of any offence involving fraud or dishonesty he/she give details.
- If any of the directors has been adjudged to be bankrupt or compounded with creditors, he/she give details.
- If any of the directors have an interest in any firm licensed under the Statute, he/she should state the nature of the interest.
- Names of the Chief Executive Officer of the applicant.
- Total number of employees to be employed (managerial, supervisory, others).
- Attach photocopy of professional indemnity insurance cover.
In addition to the above information, the following enclosures should be attached accordingly:
- Detailed and signed curriculum vitae of all directors and the Chief Executive Officer and technical staff (ensuring compliance with Reg. 11 of the Insurance Regulations 2002).
- List of other personnel.
- Address, telephone numbers and details of any branch office.
- Documentary evidence of paid-up capital.
- Evidence of payment of statutory deposit with Bank of Uganda. (You will need an introductory letter from the IRAU).
- For new business - original certificate of registration (Business name) OR certificate of incorporation (Company) - Uganda Registration Services Bureau.
- On being licensed, the company will be required to become a member of the Insurance Institute of Uganda.
Office Locations & Contacts
Insurance Regulatory Authority
Plot5,Kyadondo Road, Nakasero.
Legacy Towers, Block B, 2nd Floor
P.O.Box 22855 Kampala, Uganda
+256 312-266364, +256 414346712, +256 414253564
Email Address: email@example.com
- Persons who at the time of effecting the insurance contract are residents of Uganda;
- Goods or assets situated in Uganda;
- Ships, aircraft or other vehicles registered in Uganda; or
- Goods imported from other countries except personal effects and donations.
- 500,000 Ugsh. - Registration
- Insurance broker:- 400,000 Ugsh.
- Re-Insurance Broker:- 800,000 Ugsh.
Validity: The 31st day of December of the year in which it is issued (Valid for 1 year)
Documents to Use
Please attach documents that can be used by people. e.g. links
Maximum Processing Time: 2 Weeks.
Videos explaining the procedure or to fill the applications. Attach videos using the following tag <&video type='website'>video ID|width|height<&/video&> from external websites. Please remove the '&' inside the tags during implementation. Website = allocine, blip, dailymotion, facebook, gametrailers, googlevideo, html5, metacafe, myspace, revver, sevenload, viddler, vimeo, youku, youtube width = 560, height = 340, Video ID = Can be obtained from the URL of webpage where the video is displayed. e.g In the following url 'http://www.youtube.com/watch?v=Y0US7oR_t3M' Video ID is 'Y0US7oR_t3M'.
- A person shall not carry on ,or purport to carry on, insurance business, reinsurance business or the business o f a H M O in U ganda without a valid licence issued by the Authority.
- Name and Address of Company/Firm/Person
- Legal Status(e.g.Limited Company, sole proprietor,partnership)mutual insurance company, also indicate whether local or foreign.
- Physical location of Head office
- Physical location of Branch Offices
- Date and number of incorporation/registration
- Attach copy of certificate of incorporation/registration and copy of Memorandum and Articles of Association.
- In case of mutual Insurance Company, also attach instruments of subscription for members).
- Nature of business (e.g. Life insurance, Non-life insurance, reinsurance, brokerage, agency, loss assessors, loss adjuster etc.)
- Date of commencement of business.
- Names, addresses, nationality, qualifications and occupation of Directors
- Names, nationality and address of shareholders
- Names, qualifications and experience of senior executive and key management staff.
Need for the Document
Please provide the need for the procedure. e.g. Birth Certificate - why do we need to have a birth certificate?
Information which might help
Enter other informations which might help.
Other uses of the Document/Certificate
Please explain what are other uses of obtaining this document/certificate. e.g. Birth Certificate can be used as proof of identity.
More information which might help people.