Insurance Regulatory Authority tightens qualifications
Caption.Ms Sheeba Ddungu(2nd R) pose for a photo with IBAU members and guests from different insurance companies during a press conference held in Kampala yesterday. Photo by JANE NAFULA
What you need to know:
Ms Ddungu spoke at a press conference organised by the Insurance Brokers Association of Uganda (IBAU) in Kampala yesterday to brief journalists about the association's 5th annual conference that will take place in Jinja City from May 18 to 19
Ms Sheeba Ddungu, the Marketing Development Officer at the Insurance Regulatory Authority of Uganda (IRAU), has asked people conducting insurance business to ensure that they possess the necessary qualifications to serve their clients better.
"One of our key objectives is to ensure clients are served by qualified personnel to protect their interests. We have set deadlines for key personnel to attain the necessary qualifications needed to do their job very well. We have also set deadlines for them to demonstrate relevance in the industry," Ms Ddungu said.
She added: "These regulations were placed in 2020, but some people have not got the qualifications needed. We set a deadline this year for them to ensure they have these qualifications."
Ms Ddungu said a principal officer must at least hold a Diploma in Insurance while those at the lower levels should possess a Certificate of Proficiency in Insurance.
Ms Ddungu spoke at a press conference organised by the Insurance Brokers Association of Uganda (IBAU) in Kampala yesterday to brief journalists about the association's 5th annual conference that will take place in Jinja City from May 18 to 19.
The conference sponsored by Sanlam and UAP Old Mutual will be held under the theme: “Rethink, re-energise, and reshape" and is expected to be attended by participants from the East African Community and beyond.
The Minister of East African Affairs, Ms Rebecca Kadaga, and the Chief Executive Officer of IRAU, Mr Ibrahim Kaddunabbi Lubega, are some of the guests to grace the occasion.
Mr Paul Muhame, the chairperson of the IBAU board, said the association has supported members to comply with all requirements for better service delivery.
"If you are an accountant, you must have the necessary qualifications to minimise errors," Mr Muhame said.
He said this year’s conference will provide a platform for discussion of how to align business operations with regulatory demands. It will also promote a healthy workforce, and interrogate technology and its impact on service delivery as they plan for sustainability.
IBAU is a professional umbrella body that ensures professional practices and ethics are maintained by all member companies.
