1.Registration requirements. Fill a form with the following information;
The name and address of the company/firm.
The legal status (e.g. limited company,
Mutual Insurance Company, co-operative insurance society,an insurance
corporation etc). Also, you indicate whether the firm is local or
foreign.
The
physical location of the proposed Head Office showing the plot No., the
street, town, telephone number, fax, postal address and email
address.
The physical location of the proposed Branch offices showing the information as in (iii) above.
In case of a Mutual company, also attach instruments of subscription for members.
In case of a Cooperative insurance society, attach bye-laws.
In case of a parastatal, attach law establishing it.
Nature of business (e.g. life insurance, non-life insurance or reinsurance).
Date of commencement of business.
Names, addresses, nationality, qualifications and occupation of Directors.
Names, nationality and address of shareholders.
Names, qualifications and experience of Senior Executive and key Management staff (attach organization chart).
2. License requirements. Fill an application form with the following information;
The name of the applicant.
Postal address of the Head Office.
Telephone numbers, fax number, e-mail address.
Physical address.
Name and address of auditors.
Total number of employees (Management, Supervisory, others).
Total number of agents who represent the insurer/re-insurer.
Name and address of reinsurers/retrocessionaires.
Share capital:
authorized share capital.
paid-up share capital (local or foreign) of not less than:Shs.3,000,000,000/= (Three billions), in case of life insurance business, Shs.4,000,000,000/= (Four billions), in case of non-life insurance business and Shs.10,000,000,000/=(Ten billions), in case of reinsurance business.
Evidence of deposit made under Section 7 of
the Insurance Act (Cap 213) Laws of Uganda, 2000 (Insurance Act) i.e.
establish and maintain a security deposit of at least 10% of the
prescribed paid-up capital of the company, which shall be invested in
Government Securities or any other investment as may be approved by the
Authority an on which the Authority shall have a lien.
State the insurance business intended to be transacted i.e. life or non-life or both.
Name and address of Actuary (in case of life business).
If any of the Directors/staff has been convicted of any offence in the past five years, he/she should give full details.
If any of the Directors/staff has been adjudged to be bankrupt or compounded with creditors, he/she should give full details.
If
any member of staff has been involved in the Management of any insurance
or institution or financial institution which has been wound- up in the
last five years, he/she should give full details.
The nature of interest of any member of staff in any institution licensed under the Insurance Act should be indicated.
3. In addition to the above, the following should be enclosed together with the application form:
Detailed and signed curriculum vitae of all directors and the Chief Executive Officer.
Names, nationality and shareholding of shareholders.
List of all branch offices, address and telephone numbers.
Certified
true copy of the applicants Memorandum and Articles of Association and
the Certificate of Incorporation (or other documents by which the
insurer is constituted).
Treaty
Reinsurance arrangements proposed by the insurer and endorsed by
reinsurers/reinsurance brokers which should be in compliance with
Section 64 of the Insurance Act.
In case of an application for first licence,
a feasibility study for the next three year period of operation
comprising the following information: comprehensive cash-flow analysis; gross premium income and expenditure projection for each class of business; and assessment or evaluation analysis of the prospects and profits potential of the company for the next three years which should be endorsed by the company’s proposed auditors.
Evidence of the deposit required by section
29(2)(j) of the Insurance Act with a Commercial Bank i.e. a sum
equivalent to 20% of the security deposit to which Section 7 refers has
been deposited in a Commercial Bank.
List of all agents employed.
A certified true copy of each type of policy of assurance or insurance which the company proposes to issue.
Evidence of membership to the Insurance Institute of Uganda.
Detailed signed curriculum vitae of the
management and technical staff (ensuring compliance with Reg. 11 of the
Insurance Regulations 2002).
The proposed premium rates and rating scales for each class of business.
List of principal partners of the actuaries and their qualifications.
