A board of trustees was last week unveiled to fast-track the establishment of the Insurance Institute of Uganda (IIU).
The board will largely be responsible for the management of funds accruing from the newly introduced training levy - a contribution by individual insurance companies to facilitate the running of the institute.
The board is composed of Ms Lilian Tibatemwa, Mr David Opiokello, Mr Twaha Kaawaase, Mr David F. K. Mpanga and Ms Lucille Isingoma.
Speaking in Kampala last week, the IIU chief executive, Mr Geoffrey Kihuguru, said the constitution of the board serves as one of the key drivers that will bolster the fast-tracking of the sector’s human resource.
Mr Ibrahim Kaddunabbi, the Insurance Regulatory Authority chief executive officer, said the authority was in the process of developing regulations that would assist the formation and regulation of the institute.
Uganda’s insurance industry has had a series of innovations that seek to establish the sector as a key factor in the country’s economic growth.
The IIU plans to create a strong pool of local and international lecturers to effect the newly developed curriculum.
The insurance sector recorded an impressive performance posting growth of 23.5 per cent for the period ended December 2011.