Validity: The 31st day of December of the year in which it is issued
Contact Office: Renewal Fee: 500,000 Ugx
License Type: License
Legal Basis: The Insurance Act
- A certificate of incorporation, certified true copies of the articles and memorandum of association or any other document by which the M.I.O is constituted (for first time applicants) or any resolution or similar document that alters or affects the initially submitted articles and memorandum of association for an M.I.O applying for renewal. - Uganda Registration Services Bureau.
- Evidence of an established bank account (premium collection account) under the applicant's direct control where every amount received as premium paid is deposited and shall be distinct from other accounts.
- Detailed and signed CVs of individuals who are responsible for the conduct of affairs of the applicant including the M.I.O directors, a C.E.O, and accountant and a senior manager who must have filled and completed the fit and proper questionnaire, the following not with standing;
- Expatriate staff or non Ugandan nationals must have a valid work permit.
- Atleast 50% of the board of directors to be resident in Uganda.
- A C.E.O or principle officer who must have a recognised degree and atleast qualify as an associate of the Insurance Institute of Uganda or have a minimum of 5 years demonstrated experience in insurance.
- A full time account who should possess a business related degree and atleast level 11 CPA and 3 years of working experience.
- A list of the share holders, and details regarding their share holding, nationality and contact details in the M.I.O.
- A list of the M.I.O agents together with their signed agency contracts, recent passport photos and evidence of membership to the Insurance Institute of Uganda. First time applicants will in addition avail duly updated signed CVs.
- Annual accounts duly audited by an auditor approved by the authority to be submitted within 3 months from the end of the calendar year.
- Management accounts to be submitted within 30 days from the end of each quarter.
- Atleast a 3 year business plan approved by the M.I.O board and endorsed by the external auditor including the following;
- A projection of statements of financial position.
- Projection of statements of comprehensive income.
- Statement of cash flows.
- Detailed enrollment projections for projected volumes of business.
- Premium rate schedules certified by an actuary.
- A statement as to the sources of capital including working capital.
- Evidence of an internal grievance procedure regarding investigations and resolution of covered person's complaints and grievances.
- Evidence of membership to Uganda Insurers Association of Uganda.
- Evidence of membership to the Insurance Institute of Uganda.
- Evidence of payment of all monies due to the authority i.e fines, interests among others by the time of submission of the license application.
- The company's policy on assessment of risk duly approved by the board of directors.
- A specimen copy of the master policy together with the benefit package to be issued to the public which shall be approved by the authority.
- For limited liability companies, a certified copy of the M.I.O annual returns registered with Uganda Registration Services Bureau that must be filed within a one year period from the date of submission of the application to the authority.
- Reinsurance arrangements as maybe recommended by the authority.
- Any other documents/ information as maybe required by the authority.
