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.
