License to operate as a bancassurance agent

To regulate insurance banking

  • A resolution of the governing body of the financial institution that the financial institution may conduct bancassurance business.
  • A  letter of no objection issued by the Bank of Uganda.
  • A bancassurance agency agreement between the financial institution and insurers (Minimum of four non-life insurers and two life insurers).
  • Applications of the persons to be authorised to act as the Principal Officer; and specified person of the bancassurance agent and the branch they are to operate from, made using Forms downloadable and accompanied by their curriculum vitae and academic qualifications, together with other requirements as listed in Regulations 8 and 9.
  • A duly filled fit and proper requirements questionnaire for the principal officer.
  • Evidence of professional indemnity insurance (a policy sum insured of at least Shs 100,000,000/=) and fidelity guarantee insurance for the principal officer and the specified person.
  • Evidence of payment of an application fee of Shs 500,000/= to the Authority (This is payable once at first licensing and is non-refundable)
  • Evidence of membership to the Insurance Institute of Uganda (Membership fee of Shs 1,000,000/=).
  • The bancassurance agent shall be required to pay an annual compliance fee of Shs 1,000,000/=.
  • Any other information/documents that the Authority may require (This shall be specified in writing after receiving the license application). Additionally please note that the office premises where the bancassurance shall operate from shall be inspected.
  • Phone: +256 312-266364, +256 414346712, +256 414253564
  • Physical Address: Plot5,Kyadondo Road, Nakasero. Legacy Towers, Block B, 2nd Floor
  • Postal Address: P.O.Box 22855 Kampala, Uganda
  • Jurisdiction: National
  • Email Address: ira@ira.go.ug
  • Website: http://www.ira.go.ug
  • Operating Hours: Moday to Friday, 8:00am-5:00pm (excluding weekends and public holidays)
  • Directions: View Directions