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IRA gets new members of the Board.

The New Board members, Hajjat Aphwa Sebyala, Dr.Abuka, Dr.Nkote (Chairman) and Advocate James Muwawu, during their interaction with IRA recently.

A new board of directors to oversee the operations of the Insurance Regulatory Authority of Uganda, is in place.

The Minister of Finance, Planning and Economic Development, Hon. Matia Kasaija appointed Dr. Isaac Nabeta Nkote, to chair the six member board. Dr. Nkote, who replaces Hon. Gaudioso Tindamanyire Kabondo, is the Dean Faculty of Commerce at Makerere University Business School (MUBS).

The other board members are; Hajjat Aphwa Ssebyala, the deputy chairperson, Dr. Charles Augustine Abuka, representing the Governor Bank of Uganda, Advocate James Muwawu, representing the Insurance Institute of Uganda (IIU), Mr. Ronald Segawa Gyagenda, representing the Ministry of Health and the Chief Executive Officer, Alhaj Kaddunabbi Ibrahim Lubega.

While introducing the new board members to the IRA staff on Monday 17th July 2017 at the IRA Offices, Dr. Nkote said, there is a lot of potential for the Authority to grow which will translate into the growth of a sound and vibrant insurance sector. "Being our greatest asset, as board members we think we can work together, develop sound staff who are focused, with innovative ideas, can ably and competently regulate the insurance sector."

Dr. Nkote emphasized that timely compliance with all set guidelines both internally and for stakeholder was critical and that all policies set should be executed with professionalism, efficiency and intergrity. The board will serve a three year term period.

Following the passing of the Insurance act, two more board members representing the Capital Markets Authority and the Uganda Retirements and Benefits Regulatory Authority shall join the new board. The introduction of CMA and URBRA is to mainly address the cross-cutting issues where for example IRA regulates entities participating in stock exchange and retirement benefits.

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