Insurance Act

1. This Act shall come into force on such date as the Minister may, by statutory instrument appoint; but the Minister may appoint different dates for different provisions of this Act

1. "Africa-Re" means the African Reinsurance Corporation established under the Agreement Establishing the African Reinsurance Corporation;
2. "Authority" means the Insurance Regulatory Authority of Uganda continued in existence by this Act;
3. "bancassurance authorisation" means an authorisation to undertake bancassurance;
4. "Board" means the Board of the Authority;
5. "Chief Executive Officer" means the Chief Executive Officer of the Authority;
6. "commercial bank" has the meaning assigned to it in the Financial Institutions Act, 2004;
7. "constituting documents" means-
8. "control function" means-

55 further items remain in the statutory text above.

1. (1) Subject to subsection (3), bancassurance is an arrangement between a financial institution and an insurer or HMO under which the financial institution distributes to its customers, through its distribution channels, an insurance product of the insurer or HMO.
2. (2) Without limiting the general effect of subsection (1), bancassurance includes an arrangement under which-
3. (a) a financial institution acts as an agent for the insurer or HMO; or
4. (b) a financial institution enters into a group or master insurance contract, as policy holder, with the intention that the customers of the financial institution, or a class of them, obtain insurance cover under the contract.
5. (3) An insurance contract entered into by a financial institution as a policyholder where the sole purpose of the policy is to provide benefits to employees of the financial institution, whether or not the employees are required to contribute towards the cost of the contract shall not be taken as bancassurance.
6. (4) For purposes of bancassurance, "Financial Institution" means a company classified as a Bank under the Second Schedule to the Financial Institutions Act 2004 and licensed as a bank by the Central Bank and includes a commercial bank, merchant bank, mortgage bank and post office savings bank; or a company licensed by the Central Bank as a Micro Finance Deposit-Taking under the Micro Finance Deposit-Taking Institutions Act, 2003.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. Subject to any exemption granted in accordance with this Act, a person carries on unauthorised business where the person carries on any business or activity for which a licence is required without a valid licence issued by the Authority.

1. (1) An insurer or HMO is insolvent where the insurer or HMO does not meet the minimum solvency capital requirements prescribed in the Regulations.
2. (2) An insurance intermediary is insolvent if the value of its liabilities exceeds the value of its assets or is unable to pay its debts as they fall due for payment.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

This section states a single governing proposition and does not enumerate separate elements.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) A person shall not carry on insurance business in Uganda except a company incorporated under the Companies Act, 2012, an insurance corporation established by law, a cooperative insurance society registered under the Cooperative Societies Act or a mutual insurer.
2. (2) Subsection (1) does not apply to a-
3. (a) foreign reinsurer that enters into a reinsurance contract with a licensed insurer or a retrocession agreement with a licensed reinsurer; or
4. (b) foreign insurer that carries on insurance business in accordance with an exemption granted by the Authority under section 34(4).

Citing judgments are indexed, but no express interpretive proposition has yet passed the passage-verification threshold. Open Judicial treatment for the citing passages.

1. (1) Any twenty five persons but not more than three hundred may, by subscribing their names to a memorandum of association, form a mutual insurer.
2. (2) The memorandum of association of a mutual insurer shall state-
3. (a) the insurance business or any class of the insurance business which is to be carried on;
4. (b) the name of the company, including the expression "mutual insurance company" in that name;
5. (c) the location of the principal office of the company;
6. (d) the limitation of liability of its members;
7. (e) the amount of guarantee capital;
8. (f) the rights of the contributors towards the guarantee capital;

6 further items remain in the statutory text above.

Citing judgments are indexed, but no express interpretive proposition has yet passed the passage-verification threshold. Open Judicial treatment for the citing passages.

1. (1) Subject to subsection (2) and to any exemptions specified in the Regulations, a person shall not, except with the prior written approval of the Authority, use the words "insurance", "assurance" or "reinsurance" or any derivations in English or any other language as part of his or her business name other than a licensee, provided that the name does not suggest that the licensee carries on any licensable business other than the business that it is authorised by its licence to carry on.
2. (2) A person shall not issue any insurance policy, other than a person licensed under this Act, on-
3. (a) persons who at the time of effecting the insurance contract are residents of Uganda;
4. (b) goods or assets situated in Uganda;
5. (c) ships, aircraft or other vehicles registered in Uganda; or
6. (d) goods imported from other countries except personal effects and donations.
7. (3) All local risks and persons, including imports shall be insured by insurance companies licensed to carryout business in Uganda.
8. (4) The regulations may prescribe other words or phrases to which subsection (1) applies.

1 further item remain in the statutory text above.

Citing judgments are indexed, but no express interpretive proposition has yet passed the passage-verification threshold. Open Judicial treatment for the citing passages.

1. (1) The Insurance Regulatory Authority of Uganda established under the repealed Act is continued in existence in accordance with this Act.
2. (2) The Authority is a body corporate with perpetual succession and a common seal and may for the purposes of discharging its functions under this Act-
3. (a) acquire, hold or dispose of movable and immovable property;
4. (b) sue and be sued in its corporate name;
5. (c) do all acts and things that a body corporate may lawfully do.
6. (3) The common seal of the Authority shall be in a form determined by the Board.
7. (4) The common seal of the Authority shall be applied in accordance with Schedule 3.

Citing judgments are indexed, but no express interpretive proposition has yet passed the passage-verification threshold. Open Judicial treatment for the citing passages.

1. (1) The objectives of the Authority are-
2. (a) to promote and facilitate the maintenance of a sound, efficient, fair, transparent and stable insurance sector;
3. (b) to promote and uphold public confidence in the insurance sector;
4. (c) to protect the interests of persons who are, or who may become, policy holders of insurers or customers of other licensees;
5. (d) to regulate and supervise licensees on a risk-sensitive basis;
6. (e) to promote effective competition in the insurance sector in the interests of consumers, the growth and development of the insurance sector and the development of an inclusive insurance sector.
7. (2) In considering the measures to be taken to protect persons who are, or who may become, policy holders of insurers or customers of other licensees, the Authority shall have regard to-
8. (a) the differing degrees of experience and expertise that different policy holders and customers may have in relation to insurance products and the insurance sector;

3 further items remain in the statutory text above.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) For the attainment of its objectives, the functions of the Authority are-
2. (a) to regulate, supervise, monitor and control the insurance sector;
3. (b) to establish standards for the conduct of business in the insurance sector and to issue such guidance as it considers appropriate;
4. (c) to control entry to and exit from the insurance sector through the issuance, variation or revocation of licences in accordance with this Act;
5. (d) to take appropriate action against persons carrying on unauthorised business;
6. (e) to supervise licensees on an individual basis and, where appropriate, on a group wide and cross border basis;
7. (f) to monitor compliance with, or investigate conduct that constitutes or may constitute a contravention of this Act;
8. (g) to take action in relation to licensees that are insolvent or likely to become insolvent;

12 further items remain in the statutory text above.

Citing judgments are indexed, but no express interpretive proposition has yet passed the passage-verification threshold. Open Judicial treatment for the citing passages.

1. (1) The Authority may, on the written request of any domestic or foreign supervisory authority, or domestic law enforcement authority-
2. (a) undertake on-site inspections or obtain information or documents; or
3. (b) appoint one or more competent persons to investigate any matter that requires investigation.
4. (2) The Authority may, in deciding whether to exercise the power conferred on it by this section, take into account-
5. (a) a domestic and in the case of a foreign supervisory authority, whether reciprocal assistance would be given to the Authority in the country or territory of the foreign supervisory authority;
6. (b) the nature and seriousness of the matter to which the request for assistance relates and whether the assistance can be obtained by other means;
7. (c) the relevance of the information or documentation to the enquiry to which the request relates;
8. (d) whether it is otherwise appropriate, in the interests of customers or prospective customers of a licensee and the public interest, to provide the assistance sought; and

10 further items remain in the statutory text above.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) The Authority shall have a Board, which shall be the governing body of the Authority.
2. (2) The Board shall comprise of-
3. (a) a chairperson;
4. (b) a representative of the ministry responsible for finance, who shall be at the rank of Commissioner or above;
5. (c) a representative of the Governor of the Bank of Uganda;
6. (d) a representative of the Insurance Training College;
7. (e) a representative of the ministry responsible for health;
8. (f) two persons representing the public, one of whom shall be the deputy chairperson;

5 further items remain in the statutory text above.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (b) has been adjudged bankrupt under any law in force in Uganda and has not been discharged;
2. (c) has been convicted of an offence and sentenced to a term of imprisonment for six months or more without the option of a fine by a competent court in Uganda or elsewhere; or
3. (d) is a Member of Parliament, a Minister or a member of a local government council;
4. (e) is a public officer, except those stated under section 14(2)(b)(c)(g)(h) and (i);
5. (f) is a director or employee of a licensee or who has a financial interest in a licensee, including a shareholder of a licensee;
6. (g) is disqualified from acting as a director of a company under the Companies Act, 2012.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) A member of the Board shall hold office for three years and is eligible for reappointment for one further term.
2. (2) The members of the Board shall hold office on terms and conditions specified in their instruments of appointment.
3. (3) A member of the Board may, at any time, resign from his or her office in writing addressed to the Minister, giving notice of not less than one month.
4. (4) The Minister may, at any time suspend or remove a member of the Board only-
5. (a) for inability to perform the functions of his or her office arising from infirmity of body or mind;
6. (b) for misbehaviour or misconduct;
7. (c) for incompetence;
8. (d) for absence, without prior permission of the chairperson, or without reasonable cause to the satisfaction of the Minister, from more than four consecutive meetings of the Board;

8 further items remain in the statutory text above.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. The chairperson and members of the Board shall be paid such remuneration determined by the Minister and specified in their instruments of appointment

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) The Board shall be responsible for the general direction and supervision of the Authority.
2. (2) Without limiting the general effect of subsection (1), the Board shall-
3. (a) advise the Government on policy matters concerning insurance generally, and assist in the co-ordination and implementation of the government policy relating to insurance;
4. (b) oversee the operations and management of the Authority;
5. (c) ensure that the Authority establishes and maintains-
6. (i) an appropriate governance framework; and
7. (ii) adequate procedures; and controls, including an internal audit function and rules governing the disclosure of interests by employees, consultants, experts, advisors and agents of the Authority;
8. (d) provide guidance to the Chief Executive Officer and staff of the Authority;

3 further items remain in the statutory text above.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

This section states a single governing proposition and does not enumerate separate elements.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) The Board may appoint committees-
2. (a) to inquire into and advise the Board on any matter concerning the functions of the Authority as the Board may refer to the committee;
3. (b) to exercise such powers or perform such functions of the Authority as the Board may delegate or refer to the committee.
4. (2) A committee appointed under subsection (1) shall consist of a chairperson and other persons whether members of the Board or not as the Board may determine.
5. (3) The Board may require a committee appointed under this section to act jointly or in co-operation with any other committee.
6. (4) The members of a committee appointed under this section may be paid such allowances as the Board may, with the written approval of the Minister, determine.
7. (5) Subject to any direction given by the Board, a committee appointed under this section may regulate its own procedure.

Citing judgments are indexed, but no express interpretive proposition has yet passed the passage-verification threshold. Open Judicial treatment for the citing passages.

1. (1) The Authority shall have a Chief Executive Officer who shall be appointed by the Minister on the recommendation of the Board on terms and conditions specified in his or her instrument of appointment.
2. (2) The Chief Executive Officer shall be a person of high moral character and proven integrity, with relevant professional qualifications and experience relating to the functions of the Authority.
3. (3) The Chief Executive Officer shall hold office for five years and is eligible for reappointment for one further term.
4. (4) The Chief Executive Officer shall cease to hold office if-
5. (a) he or she resigns;
6. (b) he or she is declared bankrupt or insolvent or has made an arrangement with his or her creditors;
7. (c) he or she is convicted of a criminal offence, in Uganda or elsewhere, in respect of which the maximum penalty exceeds six months imprisonment without the option of a fine;
8. (d) he or she is removed from office by the Minister, on recommendation of the Board, for incompetence, inability to perform the functions of his or her office arising from infirmity of body or mind; or

2 further items remain in the statutory text above.

Citing judgments are indexed, but no express interpretive proposition has yet passed the passage-verification threshold. Open Judicial treatment for the citing passages.

1. (1) The Chief Executive Officer is responsible for the day to day operations and administration of the Authority and shall be the accounting officer of the Authority.
2. (2) Subject to this Act and to the general supervision and control of the Board, the Chief Executive Officer is responsible for-
3. (a) the implementation of the policies and programmes of the Authority and reporting on them to the Board;
4. (b) the proper management of the funds and property of the Authority;
5. (c) the organisation and control of the staff of the Authority;
6. (d) the development of an operating plan to guide the Authority in achieving its objectives;
7. (e) the development of an economic, efficient and cost effective internal management structure;
8. (f) proposing and implementing the strategic plan, business plan and annual plan of the Authority;

4 further items remain in the statutory text above.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) There shall be a secretary to the Authority who shall be appointed by the Board on terms and conditions specified in the instrument of appointment.
2. (2) The secretary to the Authority shall be responsible for-
3. (a) arranging the business at meetings of the Board;
4. (b) taking the minutes of the meetings of the Board;
5. (c) keeping the records of the decisions and other policy records of the Board.
6. (3) In the performance of his or her functions, the secretary is answerable to the Chief Executive Officer.
7. (4) The secretary to the Authority shall possess the relevant professional qualifications and experience relating to the functions of the Authority.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) The Board may appoint such officers and staff of the Authority as may be necessary for the proper and efficient performance of the functions of the Authority.
2. (2) The employees appointed under this section shall hold office on terms and conditions determined by the Board and specified in their instruments of appointment.
3. (3) The Board shall regulate the manner of appointment, terms and conditions of service and the discipline of the staff appointed under this section.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) The funds and sources of revenue of the Authority shall consist of-
2. (a) money appropriated by Parliament for the purposes of the Authority;
3. (b) grants, gifts or donations from the Government or other sources made with the approval of the Minister;
4. (c) monies accruing to the Authority by way of revenue;
5. (d) licence fees and charges payable by licensees under this Act;
6. (e) annual compliance fee; and
7. (f) any other monies, including fines imposed by the Authority for contravention or non- compliance with this Act.
8. (2) Every licensee shall pay to the Authority an annual contribution of a sum determined by the Authority, by regulations, after consulting with the Uganda Insurers Association, the Uganda Association of Insurance Brokers, the Uganda Association of Engineers, Valuers and Loss Assessors, Insurance Agents Association and HMOs.

1 further item remain in the statutory text above.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. In the performance of its functions under this Act, the Board shall have due regard to sound financial principles

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. The Authority may, with the authority of the Accountant General, open and maintain such other accounts as are necessary for the performance of the functions of the Authority

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. Subject to article 159 of the Constitution, the Board may, with the approval of Parliament, borrow money as may be required for meeting its obligations or for the discharge of the functions of the Authority under this Act

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) The Chief Executive Officer shall, within three months before the end of each financial year, cause to be prepared and submitted to the Board for its approval, estimates of the income and expenditure of the Authority for the next financial year.
2. (2) The Board shall, within two months of receipt of the estimates referred to in subsection (1), cause to be submitted to the Minister for his or her approval, the estimates of income and expenditure as approved by the Board.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. The financial year of the Authority shall be same as the financial year of Government

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) The Authority shall keep proper books of accounts and all records relating to the transactions and affairs of the Authority.
2. (2) The Auditor General or an auditor appointed by the Auditor General shall, in each financial year, audit the accounts of the Authority.
3. (3) The Auditor General shall submit the audited accounts of the Authority to Parliament in accordance with the Public Finance Management Act, 2015.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. The Authority shall publish its audited financial statements at least annually in a Uganda newspaper with wide circulation

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) This Part applies to insurers, HMOs and micro insurance organisations unless otherwise stated.
2. (2) The Authority may, due to the nature of micro insurance organisations and the circumstances, modify the provisions of this Part to better apply to micro insurance organisations.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) Subject to subsection (4), a person shall not carry on, or purport to carry on, insurance business, reinsurance business or the business of a HMO in Uganda without a valid licence issued by the Authority.
2. (2) A foreign insurer shall not occupy or operate an office in Uganda without the prior written approval of the Authority
3. (3) Notwithstanding subsections (1) and (2), the Authority may authorize the effecting of insurance with a foreign insurer in exceptional circumstances.
4. (4) Subsection (1) does not apply to-
5. (a) a foreign reinsurer that enters into a reinsurance contract with a licensed insurer or a retrocession agreement with a licensed reinsurer; or
6. (b) a foreign insurer that carries on insurance business in accordance with an exemption granted by the Authority.
7. (5) A person shall not be granted a licence unless the person satisfies conditions for the grant of a licence prescribed by this Act.
8. (6) A person who carries on, or purports to carry on, insurance business, reinsurance business or business as a HMO in contravention of this Act is liable to a fine not exceeding one thousand currency points.

1 further item remain in the statutory text above.

1. (1) The Authority may issue the following insurance business licences under this Act-
2. (a) an insurer's licence which authorises the holder to carry on direct insurance business or reinsurance business with other licensed insurers;
3. (b) a reinsurer's licence which authorises the holder to carry on reinsurance business;
4. (c) a HMO licence which authorises the holder to provide health benefit plans to persons resident in Uganda only; and
5. (d) a micro insurance licence which authorises the holder to carry on micro insurance business only.
6. (2) The Minister may, on the recommendation of the Authority, by statutory instrument, prescribe other categories of insurance business licences.

Citing judgments are indexed, but no express interpretive proposition has yet passed the passage-verification threshold. Open Judicial treatment for the citing passages.

1. (1) A person proposing to carry on business as a health membership organisation shall apply to the Authority, in a prescribed form, for a licence, which application shall be considered by the Authority.
2. (2) Licensed health membership organisations shall be regulated in accordance with regulations made under this Act, in consultation with the Minister responsible for health and other stakeholders.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) A licensed insurer and a HMO shall have and maintain paid-up capital of not less than the amount prescribed in regulations.
2. (2) Every share in an insurer or HMO shall be fully paid for in cash unless the Authority otherwise approves in writing.
3. (3) Notwithstanding subsection (1), a HMO, a micro insurance organisation shall have a paid up capital as may be prescribed by the Minister, by regulations.
4. (4) This section does not apply to a mutual insurer.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) Every insurer shall hold an account maintained by the insurer with a commercial bank approved by the Authority of a sum equal to ten percent of the paid-up capital of the insurer.
2. (2) The security deposit made under this section shall be considered part of the assets in respect of the capital of the insurer.
3. (3) The deposits made under subsection (1) shall be invested by the insurer in Government securities or any other investment as may be approved by the Authority.
4. (4) All income accruing from a security deposit made under this section shall be payable to the insurer making the deposit.
5. (5) This section does not apply to a mutual insurer.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) The security deposit of an insurer or HMO shall be applied in the following priority-
2. (a) to pay insurance claims;
3. (b) to satisfy the costs of, or associated with any remedial measures or enforcement powers exercised by the Authority in relation to the insurer, or the running-off and winding up of the business of the insurer or the liquidation of the insurer;
4. (c) in the event that the insurer is liquidated, to pay to the liquidator of the insurer for the purposes of the winding up.
5. (d) to make a payment or transfer to the insurer in accordance with this Act;
6. (2) An insurer or HMO that holds a security deposit-
7. (a) shall deal with the funds deposited in accordance with the written directions of the Authority; and
8. (a) shall not release the security deposit and the interest accrued from the deposit, except with the written permission of the Authority.

1 further item remain in the statutory text above.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. The capital requirements of a mutual insurance company shall be prescribed in regulations made under this Act Application for a licence

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) A person proposing to carry on insurance business shall apply to the Authority, in a prescribed form, for a licence, which application shall be considered by the Authority.
2. (2) Where an application under subsection (1) 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.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (b) the competence and integrity of the proposed management and administration;
2. (c) the adequacy of the applicant's capital structure, earning prospects, business plans, financial plans, reinsurance and retention proposals;
3. (d) whether the public interest would be served by granting a licence;
4. (e) the governance framework of the applicant;
5. (f) proposed reinsurance and retrocession arrangements;
6. (g) such other matters as the Authority may consider appropriate.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) The Authority shall, within four months after receipt of a complete application, investigate and prepare a detailed report in respect of each application.
2. (2) The Authority shall, for the purpose of considering and making a report on an application under subsection (1), appoint a committee of not less than three members of the Authority which committee shall report its recommendations to the Authority in writing.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) The Authority may-
2. (a) if it is satisfied that the applicant complies with the provisions of this Act, grant a licence to the applicant, on the payment of the prescribed fee;
3. (b) refuse to grant a licence and give reasons in writing for its decision.
4. (2) An insurance licence issued under subsection (1) remains in force until suspended, varied or revoked.
5. (3) The Authority shall communicate its decision under subsection (1) to the applicant within sixty days from receipt of a complete application.
6. (4) The applicant may appeal to the Tribunal within thirty days from the receipt of the communication of the Authority, if aggrieved by the decision of the Authority and the Tribunal shall make a decision within thirty days from the date of the appeal.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) The Authority may at any time vary, suspend or revoke the licence of an insurer or HMO to carryout business under this Act where-
2. (a) it is in the public interest or it is required for protecting policy holders' interests;
3. (b) the business of the insurer is not being conducted in accordance with sound insurance principles and practices;
4. (c) the relevant minimum prescribed paid up capital or security deposit requirements have not been complied with by the insurer;
5. (d) the insurer is not in compliance with the capital adequacy requirements prescribed in regulations;
6. (e) the insurer has not commenced insurance business within one hundred and eighty days of obtaining a licence to operate;
7. (f) the insurer has made a false statement to the Authority which statement is material to his or her licensing and which he or she knows or might have known to be false;
8. (g) a judgment arising out of any insurance liability obtained in any court in Uganda against an insurer remains unsatisfied without good reason for more than ninety days from the date of final judgment;

13 further items remain in the statutory text above.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) Subject to subsection (4), the Authority shall not issue an insurer's licence that authorises the holder to carry on both life insurance and non-life insurance business.
2. (2) A reinsurer's licence shall not be granted to a mutual insurer.
3. (3) A micro insurance organisation licence may authorise the holder to carry on both life insurance and non-life insurance business.
4. (4) A licence may be issued subject to such conditions as the Authority considers appropriate.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) This Part applies to insurers, HMOs and micro insurance organisations unless otherwise stated.
2. (2) The Authority may, due to the nature of micro insurance organisations and the circumstances, modify the provisions of this Part to better apply to such organisations.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) Every insurer shall maintain-
2. (a) its capital resources at a level adequate to support its insurance business, taking into account the nature, scale and complexity of that business and its risk profile;
3. (b) adequate procedures and controls to monitor and assess its capital resources and capital on an ongoing basis.
4. (2) For the purposes of this section, capital resources has the meaning specified in the regulations made under sub section (3).
5. (3) The Authority shall, by regulations, determine the capital adequacy and other prudential requirements for insurers.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. An insurer and a HMO shall establish and maintain the technical provisions prescribed in regulations made by the Authority under section 48(3)

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. An insurer or a HMO shall comply with such requirements concerning investments as are specified in regulations made by the Authority

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (b) maintain its capital resources at a level adequate to support its licensed business, taking into account the nature, scale and complexity of that business and its risk profile; and
2. (c) conduct its licensed business in accordance with sound insurance principles

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. An insurer or HMO shall not reduce its paid up share capital, or cause or permit its paid-up share capital to be reduced, without the prior written consent of the Authority and any resolution passed in contravention of this section is void and of no effect

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) A life insurer shall establish and maintain segregated funds as required by the regulations.
2. (2) For the purposes of subsection (1), "segregated fund" has the meaning specified in regulations made under subsection (1).
3. (3) An insurer that contravenes subsection (1) is liable to a fine not exceeding one thousand currency points.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) An insurer or HMO shall not, without the prior written approval of the Authority, offer a loan to an officer or director of the insurer except-
2. (a) a loan on a life policy limited to the policy's surrender value, where the right to borrow the same amount is also provided to the policy holders of that class; or
3. (b) a loan forming part of the terms and conditions of service of that officer or director, repayable within three years.
4. (2) Notwithstanding subsection (1), the total aggregate of the loans offer to an officer or director of an insurer or HMO shall not exceed ten percent of the paid up capital of the insurer or HMO.
5. (3) An insurer or HMO that offers a loan to an officer or director contrary to subsection (1) or (2) commits an offence and is liable to a fine double the amount of the loan given.
6. (4) This section does not apply to a distribution permitted under this Act.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. An insurer, a reinsurer, an insurance broker or a reinsurance broker shall not grant a loan, directly or indirectly, to a company in which the directors or officers and employees of that insurer, reinsurer, insurance broker or reinsurance broker except as permitted by the Regulations

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) An insurer or HMO shall not, except in accordance with regulations made under this Act or the prior written approval of the Authority-
2. (a) acquire or deal in its own shares or lend money or make advances on the security of its own shares;
3. (b) grant credit on premiums;
4. (c) grant unsecured credit to any person;
5. (d) enter into a guarantee or provide a security in connection with a loan by another person to a related party.
6. (2) This section does not apply to a distribution permitted under this Act.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) An insurer or a HMO shall not make a distribution to any of its shareholders unless, immediately after the distribution, the insurer or HMO complies with the capital adequacy requirements prescribed by the Authority in the regulations made under section 48(3) and all other prudential requirements applicable to the insurer or HMO.
2. (2) A "distribution", in relation to a distribution by an insurer or HMO to a member, means-
3. (a) the direct or indirect transfer of an asset, other than its own shares, to or for the benefit of the shareholder; or
4. (b) the incurring of a debt to or for the benefit of a shareholder in relation to shares held by the shareholder and whether by means of the purchase of an asset, the purchase, redemption or other acquisition of shares, a transfer of indebtedness or otherwise, and includes a dividend.
5. (3) An insurer or HMO that contravenes subsection (1) shall recover, from its shareholders the dividends paid to them and be liable to a fine not exceeding one thousand currency points.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) Every insurer and HMO shall establish and maintain an appropriate governance and management framework.
2. (2) Every insurer and HMO shall establish and maintain such strategies, policies, procedures and controls appropriate for the nature, scale and complexity of its business and its risk profile and ensure that they are regularly reviewed and updated.
3. (3) The governance and management framework shall provide for-
4. (a) the apportionment of roles between shareholders, directors, senior management and key persons in control functions;
5. (b) the separation of the oversight function from management responsibilities; and
6. (c) the adequate monitoring of and control of the business and affairs of the insurer or HMO by the directors and senior management.
7. (4) The insurer or HMO shall routinely review the suitability of the board members, senior management, key persons in control functions and significant owners.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) Every insurer or HMO shall furnish the Authority with the names and addresses of its board of directors, senior executives and technical personnel.
2. (2) A member of the board of directors of an insurer or HMO shall-
3. (a) be a fit and proper person as prescribed in Schedule 2;
4. (b) not at the same time serve as a member of the board of directors of another insurer or HMO of an insurance brokerage company in Uganda without the prior written approval of the Authority; and
5. (c) have sufficient time and commitment to undertake his or her duties diligently.
6. (3) Every insurer or HMO shall ensure that the board of directors is adequately resourced and that the board of directors has sufficient powers-
7. (a) to obtain, in a timely manner, such information as the board of directors requires to undertake its functions; and
8. (b) to assess senior management, key persons in control functions and other relevant persons.

1 further item remain in the statutory text above.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) Every member of the senior management of an insurer or a HMO shall meet the fit and proper criteria prescribed in Schedule 2.
2. (2) The senior management of an insurer or HMO shall be responsible for the day to day operations of the insurer or HMO and provide the board of directors with timely and accurate information with recommendations for its review and approval.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) Every insurer shall establish and maintain the following control functions-
2. (a) a risk management function;
3. (b) a compliance function;
4. (c) an actuarial function;
5. (d) an internal audit function;
6. (e) such other control functions as may be specified in regulations made under this Act; and
7. (f) such other functions as the insurer may consider appropriate for the nature, scale and complexity of its insurance business.
8. (2) Every HMO shall establish and maintain the following control functions-

9 further items remain in the statutory text above.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) Every insurer or HMO shall establish and maintain-
2. (a) a clearly defined strategy and policies for the effective management of all significant risks to which the insurer or HMO is or may be exposed; and
3. (b) procedures and controls that are sufficient to ensure that the risk management strategy and policies are effectively implemented.
4. (2) The risk management strategy and policies shall-
5. (a) be appropriate for the nature, scale and complexity of the licensed business;
6. (b) specify how risks are to be identified, monitored, managed and reported on in a timely manner;
7. (c) take into account the probability, potential impact and the time duration of risk;
8. (d) provide for the effective identification and management of insurance risk, credit risk, liquidity risk, market risk, operational risk, reputational risk and such other risks as the Authority may, by regulations, determine.

1. (1) Subject to subsection (2), the insured shall pay in full the premiums payable under the insurance contract on or before the date of inception of the policy or renewal of the policy.
2. (2) The Authority may by regulations provide for the payment of premiums in any other manner.

1. (1) An insurer or HMO shall not issue any policy of insurance if the premium rates and commission rates contravene any regulations made by the Authority under subsection (2).
2. (2) The Authority may prescribe minimum premium or maximum commission rates for any class or type of insurance business.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) Subject to subsection (2), an insurer or HMO shall not issue the text or format of the policy or the proposal form unless such have been approved by the Authority as suitable for the purpose of the insurance business it is meant for.
2. (2) Subject to subsection (3), where the Authority approves the text or format of a policy or proposal form under subsection (1), an insurer or HMO shall not make any amendment to the policy or proposal form without the prior written approval of the Authority.
3. (3) Where the Authority does not approve or reject the text or format of a policy or proposal form, or an amendment in the text or format within the prescribed period, the insurer shall treat the text or format of the policy or the proposal form or amendment as approved.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) Where an insurer lowers the approved premium rates without the approval of the Authority, the Authority may order the cancellation of the policy issued under the altered premium rates, and a pro-rata refund of the premium in respect of the unexpired period of the risk shall be paid to the insured.
2. (2) Where an insurer lowers the approved premium rates without the approval of the Authority, the Authority may require the company to offer adequate refund to the insured.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) A licensed direct insurer, HMO and a micro insurance organisation shall have such arrangements as it considers appropriate for the reinsurance of risks under insurance contracts that it has entered into in the course of its business as an insurer or a micro insurance organisation.
2. (2) A licensed direct insurer, HMO and a Micro insurance organisation shall not, without the prior written authorisation of the Authority under subsection (3), enter into a reinsurance contract, as cedant, other than-
3. (a) with a licensed reinsurer;
4. (b) with a qualifying foreign reinsurer; or
5. (c) in accordance with such arrangements, as may be specified in the Regulations.
6. (3) The Authority may, on the application of a licensed direct insurer, HMO or a micro insurance organisation, authorise the insurer, HMO or micro insurance organization to enter into a reinsurance contract, as cedant, with-
7. (a) a foreign direct insurer; or
8. (b) a foreign reinsurer that is not a qualifying foreign reinsurer.

7 further items remain in the statutory text above.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) An insurer or HMO shall inform the Authority within five working days of any modification or cancellation in the amount of its net retention in all classes of business which it undertakes.
2. (2) Where the Authority considers the retention submitted under subsection (1) not to be in accordance with the financial standing of the insurer or HMO, it may request an explanation of the technical or other reasons for establishing these retentions; and on the basis of the explanation the Authority may order the adjustment of the net retention.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. An insurer and a reinsurance company licensed under this Act shall within ninety days from the end of the calendar year submit to the Authority in a prescribed form, details of the reinsurance or retrocession returns and details of the reinsurers or retrocessionaires with whom they maintain business relations in respect of risks falling within the scope of this Act

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (i) cannot meet the reinsurance claims;
2. (ii) has doubtful integrity in its business dealings; or
3. (b) for any other reasonable cause, prohibit insurance companies and reinsurance companies under this Act from entering into reinsurance contracts with that company.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (b) not to renew the contract, if the terms and conditions of the contract are not favourable to the insurer or are not in the interest of the economy of Uganda or the insurance industry or are not in the public interest.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. An insurance agent, director, administrator, employee or shareholder of an insurance company shall not negotiate or intervene in the placement of reinsurance in his or her personal capacity

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) A foreign reinsurer may, with the approval of the Authority, appoint a reinsurance broker or reinsurer licensed under this Act to be its representative in Uganda for purposes of accepting reinsurance business on its behalf.
2. (2) The Authority may on granting the approval under subsection (1) attach such conditions as it may deem necessary.
3. (3) Where approval of the Authority is granted under this section, the foreign reinsurer shall establish and maintain at the central bank a security deposit equivalent to five hundred currency points.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) An insurer or reinsurer licensed under this Act shall offer to place with-
2. (a) the African Reinsurance Corporation (Africa-Re), a minimum of 5 percent of its reinsurance cessions, under article 27 of the Agreement that established Africa-Re;
3. (b) the Preferential Trade Area Reinsurance Company (ZEP-RE) a minimum of 10 percent of its reinsurance cessions, under articles 20 and 21 of the Agreement that established ZEP-RE;
4. (c) Uganda Re, a minimum of fifteen percent of its reinsurance of its treaty and facultative cessions.
5. (2) The provisions of subsection (1) shall not affect the right of Africa-Re, ZEP-RE or the reinsurance company incorporated under subsection (1) (c), to accept or decline all or any part of the minimum reinsurance cessions offered or placed by any insurer or reinsurer.
6. (3) An insurer or reinsurer who fails to comply with subsection (1) is liable to a fine to be prescribed in Regulations.
7. (4) Subject to the relevant agreements respectively, the Authority may vary the minimum reinsurance cessions under subsection (1).
8. (5) The shareholding of the national reinsurance company and any changes to the shareholding shall be approved by the Authority.

1 further item remain in the statutory text above.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) An insurer or HMO shall not, without the prior written approval of the Authority-
2. (a) transfer its insurance business, or any part of its insurance business, to another insurer;
3. (b) accept a transfer of the insurance business of another insurer, or any part of that business; or
4. (c) amalgamate its insurance business, or any part of its insurance business, with the business of another insurer.
5. (2) A transaction contrary to subsection (1) is void where the transaction has the effect of-
6. (a) amalgamating the business, or part of the business, of the insurer with the business of another insurer; or
7. (b) transferring a part of the business of the insurer to another insurer.
8. (3) An insurer that contravenes subsection (1) commits an offence and is liable to a fine not exceeding one thousand currency points.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) Where two or more insurers intend to amalgamate or transfer insurance business of any class from one to another-
2. (a) both insurers wishing to amalgamate, jointly; or
3. (b) the insurer wishing to transfer business to another insurer, shall apply to the Authority for approval of the amalgamation or transfer, as the case may be.
4. (2) An application under subsection (1) shall be accompanied by-
5. (a) the document under which the proposed amalgamation or transfer is to take effect;
6. (b) the audited accounts and balance sheets of each insurer intending to amalgamate or effect a transfer; and
7. (c) any other report or document on which the proposed amalgamation or transfer is based.
8. (3) Where the amalgamation or transfer is in respect of life insurance business, in addition to the requirements under subsection (2), the application shall be accompanied by a report of the likely effect of the amalgamation or transfer to the policyholders, prepared by an actuary approved by the Authority.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) The parties intending to amalgamate or effect a transfer shall before making the application-
2. (a) publish a notice of the proposed amalgamation or transfer in the Gazette and at least one English language newspaper published in Uganda;
3. (b) send a notice of the application to all policyholders and claimants of the parties;
4. (c) make available for inspection at the principal offices of the parties a statement detailing the particulars of the amalgamation or transfer, including, in the case of life insurance business, the actuarial report for at least thirty days.
5. (2) The notice referred to under subsection (1) shall invite any person who has reasonable ground to believe that he or she would be adversely affected by the amalgamation or transfer to make written representation to the Authority stating reasons, within thirty days from the last day of publication.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) The Authority shall not approve an application for a transfer of life insurance business unless the transaction involves the transfer of assets relating to the life insurance business proposed to be transferred in accordance with this section.
2. (2) Where the transfer covers all life insurance business of the transferor, all assets representing the life fund maintained by the transferor shall be transferred.
3. (3) Where the transfer applies to a part of the life insurance business of the transferor, the approved proportion of the assets representing the statutory fund maintained by the transferor shall be transferred.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) The Authority may, after considering an application for amalgamation or transfer, approve or refuse the proposal for amalgamation or transfer subject to terms and conditions it may consider necessary.
2. (2) The Authority shall make its decision under subsection (1) within six months from the date of publication, and if no communication is received by the parties within that period, the parties shall effect the amalgamation or transfer.
3. (3) After a decision is made under subsection (1), the Authority shall-
4. (a) publish its decision in the Gazette and in one English language newspaper published in Uganda; and
5. (b) send a copy of its decision to the parties to the amalgamation or transfer and any person who made a representation.
6. (4) Where the Authority refuses an amalgamation or transfer, it shall, in writing, give reasons for the refusal to the parties.
7. (5) A person aggrieved by a decision under this section may appeal to the Tribunal within thirty days from the date on which the notice of the decision is received by the Tribunal, and the Tribunal shall make the decision within thirty days from the date of the appeal.
8. (6) For purposes of subsection (5), notice shall be deemed to have been received within seven days from -

2 further items remain in the statutory text above.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) Subject to subsection (2), an instrument giving effect to an amalgamation or transfer approved by the Authority shall be effective in law-
2. (a) to transfer to the amalgamated insurer or transferee all the transferor's rights and obligations under the policies included in the instruments; or
3. (b) if the instrument so provides, to secure the continuation by or against the amalgamated insurer or the transferee of any legal proceedings by or against either party to the amalgamation or against the transferor which relate to those rights or obligations, notwithstanding the absence of any agreement or consent which would otherwise be necessary for it to be effective in law for those purposes.
4. (2) Except where the Authority directs otherwise, a policyholder whose policy is part of the approved amalgamation or transfer shall not be bound by the instrument approving the amalgamation or transfer unless he or she has been given written notice of its execution by either of the insurers involved.
5. (3) Where an amalgamation or transfer has been approved, the amalgamated insurer or the transferee insurer shall, within ten days from the date of completion of the amalgamation or transfer, deposit with the Authority certified copies of-
6. (a) statements of the respective assets and liabilities; and
7. (b) the documents under which the amalgamation or transfer was effected.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

This section states a single governing proposition and does not enumerate separate elements.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.