(1)
In these Regulations, unless the context otherwise requires- "Act" means the Insurance Act, 2017;
"Authority"
means the Insurance Regulatory Authority of Uganda established by section
10
of the Act;
"beneficiary"
in relation to an insurance contract, means a person other than the policyholder-
(a)
who is entitled to payment or a benefit under an insurance policy; or
(b)
who, on the occurrence of the insured event, is entitled to make a claim against the insurer under the insurance policy;
"connected person"
has the meaning specified in regulation 4;
"control"
in relation to an insurance broker shall be construed in accordance with the Companies Act;
"control function"
means a risk management function or compliance function established and maintained in accordance with section
85(6)
of the Act;
"customer"
means a person to whom an insurance intermediary provides, agrees to provide or has provided a service;
"group insurance policy"
has the meaning specified in regulation 5;
"insurance broker"
includes a reinsurance broker;
"insurance intermediary"
means an insurance agent, an insurance broker, a risk advisor, a loss assessor, a third- party administrator, or a reinsurance broker;
"key person ina control function"
means an individual appointed to undertake, or have responsibility for, and oversight of, a control function;
"licensed insurer"
means a person who holds an insurers licence issued under section
35(1)(a)
of the Act;
"master policyholder"
means a policyholder under a group insurance policy;
"outsourcing arrangement"
means an arrangement between an insurance intermediary and a service provider under which the service provider undertakes an activity ona continuing basis that would normally be undertaken by the insurance intermediary;
"partnership"
means a partnership as defined in section 2 of the Partnerships Act, 2010;
"policyholder"
in relation to an insurance contract or a health benefit plan, means the person who entered into the insurance contract or health benefit plan with the licensed insurer or HMO and if the rights of such person have been assigned or transferred, the person who has those rights;
"premium"
means the consideration for entering into an insurance contract;
"principal officer", in relation to an insurance broker or third- party administrator, means an individual who, under the immediate authority of the directors, either jointly with others or alone, is responsible for the conduct of the whole of the business of the insurance broker or third-party administrator;
"senior management"
in relation to an insurance broker or third- party administrator, means the senior managers of the insurance broker who have collective responsibility for the day-to-day management of the insurance broker or third-party administrator; or where the context requires, those senior managers having responsibility for particular functions relating to the day-to-day management of the insurance broker or third-party administrator;
"service provider"
in relation to an outsourcing arrangement, means a person who undertakes an activity for an insuranc e intermediary under an outsourcing arrangement with the insurance intermediary;
"significant owner"
means a person who exercises control over an insurance intermediary.
