In these Regulations, unless the context otherwise requires-
"Act"
means the Insurance Act, 2017;
"actuary"
means a person appointed as an actuary by a licensed insurer or HMO in accordance with section
113
of the Act;
"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 a payment or a benefit under the insurance contract; or
(b)
who, on the occurrence of the insured event, is entitled to make a claim against the licensed insurer under the insurance contract;
"board"
means the board of directors of a licensed insurer, reinsurer or HMO;
"bundled insurance product"
has the meaning specified in regulation 6;
"Companies Act"
means the Companies Act, 2012;
"connected person"
has the meaning specified in regulation 4;
"control function"
means-
(a)
in relation to a licensed insurer, a function specified in section
61(1)
of the Act;
(b)
in relation to a health membership organisation, a function specified in section
61(2)
of the Act;
(a)
in the case of a licensed insurer, a policyholder of the licensed insurer or a beneficiary under an insurance contract entered into by the licensed insurer, as licensed insurer;
(b)
in the case of a health membership organisation, a member of the health membership organisation;
"distribute"
means the soliciting of applications for, negotiating or concluding of insurance contracts by a licensed insurer or HMO;
"executive director"
means a director of a licensed insurer, reinsurer or HMO who-
(a)
is an employee of the licensed insurer, reinsurer or HMO;
(b)
not being an employee of the licensed insurer, reinsurer or HMO, has day to day managerial or operational responsibilities;
"group insurance contract"
has the meaning specified in regulation 7;
"health membership organisation"
or "HMO"" has the meaning assigned to it in the Act;
"holding company"
has the meaning assigned to it in the Companies Act, 2012;
"key person in a control function"
means an individual appointed to undertake, or have responsibility for, and oversight of, a control function;
"licenced insurer"
means a person who holds a insurers licence issued under section
35(1)(a)
of the Act;
"life insurance contract"
means an insurance contract that falls within any class of life insurance business;
"master policyholder"
means the policyholder under a group insurance contract;
"non-executive director"
means a director who is not an executive director;
"outsourcing arrangement"
means an arrangement between a licensed insurer, reinsurer or HMO and a service provider under which the service provider, or another person acting for the service provider, undertakes an activity on a continuing basis that would normally be undertaken by the licensed insurer, reinsurer or HMO;
"policyholder"
in relation to an insurance contract, means a person who entered into the insurance contract with the licensed insurer or HMO, if the rights of that person under the contract have been assigned or transferred, the person who has those rights;
"principal officer"
in relation to a licensed insurer, reinsurer or HMO, 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 licensed insurer, reinsurer or HMO;
"promotional material"
includes any explanatory, advertising or publicity material, in any form;
"reinsurer"
means a person holding a reinsurers licence;
"senior management"
in relation to a licensed insurer, reinsurer or HMO, means-
(a)
the senior managers of the licensed insurer, reinsurer or HMO who have collective responsibility for day- to-day management; or
(b)
where the context requires, those senior managers having responsibility for particular functions relating to the day-to-day management;
"service provider"
in relation to an outsourcing arrangement, means a person who undertakes an activity for a licensed insurer, reinsurer or HMO under an outsourcing arrangement with the licensed insurer, reinsurer or HMO;
"significant owner"
means a person who exercises control over a licensed insurer, reinsurer or HMO.
"subsidiary"
has the meaning assigned to it in the Companies Act.
