Uganda Insurance Regulatory Authority clarifies new bancassurance guidelines
Following the publication of the Insurance (Bancassurance) Regulations, 2017, the IRA published guidelines on the licensing of financial institutions as bancassurance agents. These set out the forms and procedures for the licensing application, application fees, obtaining regulatory approval from the Central Bank, professional indemnity and other requirements. Among the requirements was for a financial institution to have an agency agreement with a minimum of three non-life and two life insurers.
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