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IRA to increase the minimum capital  requirements for  insurers..

A cross - section of insurance stakeholders listening attentively during the Risk Based Supervision (RBS) workshop at Mestil Hotel and Residences, in Kampala.

As the insurance industry moves into Risk Based Supervision (RBS), the Authority is considering increasing the minimum capital requirements. For Non-life insurers the capital requirement shall increase from Shs4bn to Shs6bn, life insurers from Shs3bn to Shs4.5bn, HMO’s from Shs500M to Shs1bn and Reinsurers from Shs10bn to Shs15bn. The move aims at having stronger companies which will be able to settle claims.

The proposed requirements are to encourage insurers retain more from large risks especially as the country undertakes significant infrastructure, oil and energy projects.

While presenting the RBS external road map to insurance stakeholders at Mestil Hotel and Residences on 29th January 2019, Ivan Kilameri the IRA Actuary said, the transition period for the proposed requirements will be three (3) years.

The Authority shall require players to establish a Risk Based Supervision Committee including an RBS coordinator to provide quarterly updates to the company’s Board of Directors on the status of their preparation and implementation of RBS which will be fully implemented in 2024.

Alhaj Kaddunabbi Ibrahim Lubega the IRA Chief Executive Officer, noted that the Authority is committed to foster a safe and sound insurance industry, which is a critical precondition for economic stability and ultimately economic development.

He appealed to the players to embrace new ideas as the Authority strives to build a vibrant and stable insurance sector in Uganda.

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