Insurance Act, 2017

The Minister may, by statutory instrument, appoint the date(s) when this Act (or particular provisions) comes into force.

Provides definitions of terms used in the Act.

Defines "bancassurance" as arrangements where a financial institution distributes an insurer's or HMO's insurance products, acts as agent, or enters group/master policies as policyholder so its customers obtain cover.

Defines 'unauthorised business' as carrying on any business or activity that requires a licence without a valid licence issued by the Authority.

Defines when an insurer, HMO, or insurance intermediary is insolvent.

Insurance business is defined to include life insurance business and non-life insurance business.

A person must not carry on insurance business in Uganda except specified incorporated companies, insurance corporations, cooperative insurance societies, mutual insurers, and certain foreign reinsurers and foreign insurers under stated conditions.

Any twenty-five but not more than three hundred persons may form a mutual insurer by subscribing their names to a memorandum; a person who wishes to join must complete and sign an instrument of subscription stating the subject matter and amount of insurance desired.

Section Use of the word “insurance” and persons to carry on insurance business Section A person shall not issue any insurance policy, other than a person licensed under this Act, on— Subject to subsection (2) and to any exemptions

The Insurance Regulatory Authority of Uganda continues as a corporate body; it may acquire and dispose of property, sue, and do acts for its functions; the Board determines the form of its common seal which shall be applied in accordance with Schedule 3.

The Authority must have regard to a set of objectives and consumer-protection considerations when regulating the insurance sector.

Lists the functions of the Insurance Regulatory Authority of Uganda, including regulatory, supervisory, licensing, investigatory, advisory, complaint-handling, cooperative and public-education roles, and states that the Authority shall be independent subject to the Act.

The Authority may share information or provide assistance to domestic or foreign supervisory or law enforcement authorities on written request, may take into account various factors before deciding, may require written undertakings for reciprocal assistance, and reserves the right not to provide requested information.

The Authority must have a Board as its governing body; the Minister shall appoint the chairperson and certain members; the chief executive officer shall have no right to vote.

A person shall not be appointed to the Board if they meet any of the listed disqualifying conditions (criminal convictions, bankruptcy, certain public or company roles, or other disqualifications).

Sets board members' three-year term, eligibility for one reappointment, resignation process with one month notice, grounds for suspension or removal by the Minister, member notice obligations if certain grounds arise, procedural rights to be heard, replacement appointment rule, and public disclosure of disqualification reasons.

The chairperson and members of the Board must be paid remuneration determined by the Minister and specified in their instruments of appointment.

The Board shall direct and supervise the Authority, set governance, controls and staff appointment rules, approve plans and financial statements, advise Government on insurance policy, oversee operations, guide the CEO and perform other functions under the Act.

Schedule 3 has effect in relation to meetings of the Board and other matters provided for in that Schedule.

The Board may appoint committees, delegate powers to them, require them to act jointly, pay members allowances with the Minister's written approval, and committees may regulate their own procedure subject to the Board's direction; a committee shall consist of a chairperson and other persons as the Board determines.

The Authority must have a Chief Executive Officer appointed by the Minister on the Board's recommendation; the CEO must meet integrity and professional qualifications, holds office for five years and may be reappointed once; specified events and Ministerial removal (with notice and opportunity to be heard) cause cessation.

The Chief Executive Officer must manage the Authority's day-to-day operations, implement policies and plans, manage funds and staff, develop operating and strategic plans, act as accounting officer, and is answerable to the Board, subject to the Act and Board supervision.

The Board shall appoint a secretary to the Authority; the secretary must arrange Board business, take minutes, keep records, be answerable to the Chief Executive Officer in performing functions, and possess relevant professional qualifications and experience.

The Board may appoint officers and staff; appointed employees must hold office on Board-determined terms; the Board must regulate appointments, terms of service and discipline.

The Authority's funds come from specified sources; every licensee must pay an annual contribution set by the Authority via regulations after specified consultations; the Authority must retain certain monies and use them under section 29(3) of the Public Finance Management Act.

The Board must have due regard to sound financial principles.

The Authority may, with the authority of the Accountant General, open and maintain other accounts necessary to perform its functions.

The Board may, with the approval of Parliament and subject to article 159 of the Constitution, borrow money to meet its obligations or to discharge the functions of the Authority under this Act.

The Chief Executive Officer must prepare and submit the Authority's next financial year's income and expenditure estimates to the Board within three months before the end of each financial year; the Board must submit those approved estimates to the Minister within two months of receipt.

The Authority's financial year must be the same as the Government's financial year.

The Authority must keep proper accounting records; the Auditor General (or an auditor appointed by them) must audit the Authority's accounts each financial year; the Auditor General must submit the audited accounts to Parliament per the Public Finance Management Act, 2015.

The Authority must publish its audited financial statements at least annually in a Uganda newspaper with wide circulation.

Persons must not carry on or purport to carry on business as insurance intermediaries in Uganda unless they hold a valid licence from the Authority; foreign intermediaries face additional controls and fines.

The Authority may issue licences for various categories of insurance intermediaries; certain licence-holders are authorised to assess and advise on insurable risks without needing a separate risk advisor licence; and a person must not use intermediary category names unless licensed.

Only companies incorporated under the Companies Act, 2012 may operate as insurance or reinsurance brokers; all other persons are prohibited from doing so.

Applications must be in a form prescribed by the Authority; the Authority prescribes qualifications; the Authority must not grant or renew a licence if the applicant is not a fit and proper person; licences are issued for two years and may be renewed for two years; every insurance intermediary must maintain risk management and compliance functions.

Sections 41, 42, 43, 44 and 45 shall, with the necessary modifications, apply to insurance intermediaries.

Sets who cannot be insurance agents and restricts certain activities: agents may not act for multiple insurers in the same class without Authority approval, may not act as reinsurer agents or carry out broker/risk advisor/loss assessor activities; brokers may not act as loss assessors; persons with insurer interests are restricted from being substantial shareholders of intermediaries unless the Authority permits in writing. An agent may act for one life and one non-life insurer.

Sections 58, 59 and 60 apply, with necessary modifications, to an insurance intermediary that is not a natural person.

Insurance brokers/reinsurance brokers must maintain paid-up capital as per regulations and furnish proof of the Authority’s lien; deposits must be invested in specified securities; insurance intermediaries (except agents) must hold a professional indemnity policy of at least 100,000,000 shillings.

Insurance brokers and agents must ensure payments for insurers or HMOs are made payable to the insurer/HMO, must not divert or treat cash premiums as their assets, must remit cash premiums to the insurer immediately or by the next working day, follow insurer instructions for handling premiums, and face liabilities and fines for non-compliance.

An insurance agent must not, without prior approval of the Authority, at any time have an outstanding loan to an insurer that exceeds an aggregate of one hundred currency points.

Insurers' intermediaries may transfer their portfolios to another intermediary only with prior approval from the Authority; the Authority will refuse approval unless the transferor has settled all insurers and provided required information. Approved transfers require that the parties inform policyholders and insurers; unapproved transfers expose the transferee/seller to licence suspension or revocation and a five-year bar on re-licensing in case of revocation.

Appointing an insurance agent does not stop the appointing person or a beneficiary from communicating directly with the insurer, and the insurer may likewise communicate directly with them.

Loss adjustors and loss assessors must not receive or handle premiums or other monies payable to an insurer or policyholder under (prospective) insurance contracts; contravention attracts a fine not exceeding five hundred currency points.

The Authority may impose fines or vary, suspend or revoke an intermediary’s licence; the Authority must give written notice and an opportunity to be heard before doing so, must give a written warning in some cases, and must advertise revocations; aggrieved persons may appeal to the Tribunal within thirty days; in urgent cases the Authority may act without notice.

A financial institution must not carry on bancassurance unless it holds a bancassurance authorisation issued under this Act.

A financial institution's application (including renewals) for bancassurance authorisation must be in the form prescribed by the Authority.

The Authority must revoke a bancassurance authorisation in specified circumstances, must give notice and reasons in some cases, and may revoke without notice where policyholders' interests are at risk.

This Part applies to insurers, HMOs and micro insurance organisations unless otherwise stated; the Authority may modify provisions to better suit micro insurance organisations given their nature and circumstances.

Carrying on insurance, reinsurance or HMO business in Uganda requires a valid licence; foreign insurers may not operate an office without prior written approval of the Authority; Authority may in exceptional circumstances authorize effecting insurance with a foreign insurer.

The Authority may issue specified types of insurance business licences (insurer, reinsurer, HMO, micro‑insurance); the Minister may prescribe other licence categories on the Authority's recommendation by statutory instrument.

Persons proposing to carry on business as health membership organisations must apply to the Authority in a prescribed form for a licence; the Authority must consider the application.

Licensed insurers and HMOs must maintain paid-up capital at least at the level prescribed in regulations; HMOs and micro insurance organisations must have paid-up capital as prescribed by the Minister; the section does not apply to mutual insurers.

Every insurer must hold an account with an Authority-approved commercial bank containing a security deposit equal to ten percent of its paid-up capital; deposits must be invested in Government securities or Authority-approved investments; income from the deposit is payable to the insurer; mutual insurers are not covered.

Insurers or HMOs holding a security deposit must apply it to pay claims, satisfy enforcement or winding-up costs, and (if liquidated) pay the liquidator; they must follow the Authority's written directions and may not release the deposit or interest except with the Authority's written permission. An insurer that ceases business may apply to the Authority for withdrawal and the Authority may authorise release if satisfied the business is wound up with no outstanding liabilities.

The capital requirements of a mutual insurance company shall be prescribed in regulations made under this Act.

A person proposing to carry on insurance business must apply to the Authority in a prescribed form for a licence; the applicant may be called on to supply missing information or clarification.

The Authority must, when considering a licence application, satisfy itself about specified matters including the applicant's financial status, management competence and integrity, capital adequacy, business and financial plans, reinsurance, public interest, governance, and related arrangements.

The Authority must, within four months of receiving a complete application, investigate and prepare a detailed report for each application, and must appoint a committee of at least three members which must report its recommendations in writing.

The Authority may grant or refuse an insurance licence (subject to satisfaction of requirements and payment of the prescribed fee); it must communicate its decision within sixty days. Applicants may appeal to the Tribunal within thirty days, and the Tribunal must decide within thirty days.

The Authority may vary, suspend or revoke an insurer’s or HMO’s licence for specified grounds and must give notice, reasons and opportunities to remedy or appeal, and must publish such actions.

The Authority must not issue an insurer’s licence that permits the same holder to carry on both life and non-life insurance business (subject to subsection (4)).

This Part applies to insurers, HMOs and micro insurance organisations; the Authority may modify these provisions for micro insurance organisations because of their nature and circumstances.

Insurers must maintain adequate capital and controls; the Authority must set capital adequacy and prudential requirements by regulation.

An insurer and a HMO must establish and maintain the technical provisions as prescribed in regulations made by the Authority under section 48 (3).

Insurers and HMOs must comply with investment requirements specified in regulations made by the Authority.

Every insurer, HMO and micro insurance organisation must at all times keep its business financially sound, maintain adequate capital for its licensed business taking into account its risk profile, and conduct business according to sound insurance principles.

An insurer or HMO must not reduce (or cause or permit reduction of) its paid-up share capital without the Authority's prior written consent.

A life insurer must establish and maintain segregated funds as required by the regulations.

Insurers and HMOs may not offer loans to their officers or directors without the Authority's prior written approval, subject to two specified exceptions; aggregate loans to any officer or director must not exceed 10% of paid up capital; breach is an offence with a fine equal to double the loan amount.

Insurers, reinsurers, insurance brokers and reinsurance brokers must not grant loans to companies in which their directors, officers or employees have an interest, except as permitted by the Regulations.

Insurers and HMOs are prohibited from certain transactions (including acquiring or dealing in their own shares, lending against their own shares, granting credit on premiums, granting unsecured credit, and providing guarantees or securities for related-party loans) unless regulations or prior written approval from the Authority allow it; distributions permitted under the Act are excluded.

Insurers and HMOs must not make distributions to shareholders unless, immediately after the distribution, they meet the capital adequacy requirements prescribed by the Authority and all other applicable prudential requirements.

Every insurer and HMO must establish and maintain an appropriate governance and management framework, set strategies, policies, procedures and controls suited to their business and risk profile (regularly reviewed), and routinely review suitability of board members, senior management, key control persons and significant owners.

Board members of an insurer or HMO must be fit and proper, must not simultaneously serve on another insurer/HMO or brokerage board in Uganda without the Authority's prior written approval, must have sufficient time and commitment to perform duties, and every insurer or HMO must ensure its board is adequately resourced, has sufficient powers, and must furnish the Authority with names and addresses of its board, senior executives and technical personnel.

Senior management members of an insurer or HMO must meet Schedule 2 fit and proper criteria; senior management must run day-to-day operations and give the board timely, accurate information with recommendations.

Insurers and HMOs must establish and maintain control functions and appoint individuals to specific functions (risk management, compliance, actuarial, internal audit, and others specified or considered appropriate); they must ensure functions have authority, independence and resources and retain overall responsibility if functions are shared or outsourced.

Every insurer or HMO must establish and maintain a risk management strategy and policies that set out how significant risks are identified, monitored, managed and reported, and must include specified content such as appropriateness, consideration of probability/impact/duration and coverage of named risk types.

The insured must pay the full premiums under the insurance contract on or before the policy's inception or renewal; the Authority may by regulations allow other methods of premium payment.

Insurers or HMOs must not issue policies if premium or commission rates contravene regulations; the Authority may set minimum premiums or maximum commissions for classes or types of insurance business (under subsection (2)).

Insurers and HMOs may not issue or amend policy or proposal form text/format unless approved by the Authority; if the Authority fails to act within the prescribed period the insurer must treat the text/format or amendment as approved.

If an insurer lowers approved premium rates without the Authority's approval, the Authority may cancel affected policies and require refunds; a pro‑rata refund for the unexpired risk period shall be paid to the insured.

Licensed direct insurers, HMOs and micro insurance organisations must not enter into reinsurance contracts as cedant without prior written authorisation from the Authority; the Authority may authorise such contracts on application, and the Regulations may set requirements including prior notice and restrictions involving foreign insurers.

Insurers or HMOs must inform the Authority within five working days of any modification or cancellation in their net retention; the Authority may request explanations and may order adjustments if retentions are not appropriate.

Insurers and licensed reinsurance companies must submit annual reinsurance and retrocession return details and details of related reinsurers/retrocessionaires to the Authority in a prescribed form within ninety days after the end of the calendar year.

The Authority may (after receiving reliable information that a reinsurance company cannot meet claims, has doubtful integrity, or for any other reasonable cause) act regarding contracts with certain reinsurance companies.

The Authority may, after scrutinising a proposed reinsurance contract, direct an insurer in writing not to enter into or renew the contract unless specified modifications are made, and may direct not to renew if the contract terms are unfavourable or contrary to public or economic interest.

An insurance agent, director, administrator, employee or shareholder of an insurance company must not negotiate or intervene in placing reinsurance in their personal capacity.

A foreign reinsurer may appoint a licensed reinsurance broker or reinsurer as its representative in Uganda with the Authority's approval; if approval is granted the foreign reinsurer must establish and maintain at the central bank a security deposit equivalent to five hundred currency points, and the Authority may attach conditions when granting approval.

Insurers and reinsurers must offer specified minimum shares of reinsurance cessions to Africa-Re (5%), ZEP-RE (10%) and Uganda Re (15%); insurers must first place reinsurance with those organisations or licensed domestic insurers before placing business outside Uganda; the Authority may vary minimums and must approve national reinsurance company shareholding; failure to comply attracts a fine to be prescribed in Regulations.

An insurer or HMO must not transfer, accept a transfer, or amalgamate its insurance business without the prior written approval of the Authority.

Insurers applying for an amalgamation or transfer must submit an application accompanied by specified documents; life-insurance transfers also require an actuary's report approved by the Authority.

Before applying for an amalgamation or transfer, the parties must publish notice in the Gazette and an English newspaper, notify all policyholders and claimants, and make a statement (including actuarial report for life insurance) available for at least thirty days.

The Authority must not approve an application to transfer a life insurance business unless the transaction transfers the assets relating to the life insurance business in accordance with this section.

The Authority must decide on amalgamation or transfer within six months, publish and send its decision, may approve or refuse subject to terms, parties must effect the transaction if no communication within that period, aggrieved persons may appeal to the Tribunal within thirty days, and the Tribunal must decide within thirty days of the appeal.

When an amalgamation or transfer is approved, the amalgamated insurer or transferee must deposit certified copies with the Authority within ten days; policyholders are not bound by the approving instrument unless given written notice, except where the Authority directs otherwise.

This Part, with the necessary modifications, applies to amalgamations and transfers of HMOs, insurance brokers and reinsurance brokers.

Persons may not become or change to significant owners or materially alter control of a licensee except with the Authority's prior written approval; licensees must not allow share dealings that cause such contraventions; contravening persons face a fine not exceeding five hundred currency points.

The Authority may issue directives to significant owners and can require disposal of interests or prohibit exercise of rights; failure to comply is an offence punishable by a fine not exceeding one thousand currency points.

The Authority may make regulations for the better regulation of significant owners of licensees.

A licensee must not appoint certain directors or key control staff who are unfit or without the Authority's prior written approval; a licensee must notify the Authority within ten working days after a senior manager or key control person takes up or ceases office.

The Authority may direct a licensee by written notice to remove or replace persons who do not meet fit and proper criteria, to ensure they cease certain functions, or to take remedial action; licensees must notify the Authority of material information and failure to comply with subsection (5) is an offence liable to a fine not exceeding five hundred currency points.

Insurers and HMOs must display certain financial information year-round in offices and branches, publish it in a widely circulated local newspaper within four months after year-end, and submit specified audited financial documents (including an audited balance sheet) to the Authority within prescribed timeframes.

This Part applies to all licensees, but micro insurance organisations and insurance agents may be exempted by statutory instrument; individual insurance agents and financial institutions with bancassurance authorisation are not covered.

Every licensee must keep sufficient financial records at its principal office in Uganda and retain them for at least ten years; contravention may lead to a fine not exceeding one thousand currency points.

A licensee must prepare financial statements for each financial year in accordance with the international financial reporting standards as adopted by the Institute of Certified Public Accountants in Uganda.

Audits of every licensee must be conducted annually by an Authority-approved auditor (or the Auditor General), and the auditor must meet specified independence, qualification, insurance and audit-standard requirements and must not serve continuously for more than four years, followed by a four-year ineligibility.

Licensees to which section 107 applies must enable auditors to audit financial statements; auditors must investigate, prepare reports, may require information from directors or employees, and must provide a management letter and audit report on completion.

Licensees must prepare and submit annual reports to the Authority within three months after each financial year in a prescribed form; intermediaries subject to section 107 must keep proper books and submit returns in line with adopted IFRS and as required by the Authority's regulations; the Authority may reject inaccurate or non-compliant statements and require rectification or amend documents at the licensee's cost.

The Authority may require a licensee that is a member of a group to submit group financial statements, and may require those statements to be audited by specified auditors approved by the Authority in writing.

The Authority may direct licensees to provide auditor-prepared reports and may revoke or appoint auditors; reports are at the licensee's cost and the Authority must give written grounds and allow representations before revocation.

Every insurer and HMO must appoint a qualified actuary when starting long-term business, meet written-consent and Authority-approval conditions for appointments, notify the Authority when an appointment ends, appoint a replacement within three months, and may be fined for contraventions; the Authority may exempt specified small insurers by regulation.

Licensed insurers or HMOs must ensure their appointed actuary undertakes annual actuarial reviews (and group reviews when required), ensure the actuary can access needed documents, and ensure a written actuarial report is prepared and submitted to the Authority; the appointed actuary may require information from directors or employees; contravention is an offence liable to a fine up to one thousand currency points.

The Authority may inspect licensees and related premises and must inspect every licensee at least once in three years; licensees must cooperate and persons who obstruct inspections commit an offence.

The Authority may issue a written notice requiring specified persons to provide information or produce documents, specifying where and within what period they must comply; failure without reasonable excuse is an offence punishable by a fine not exceeding one thousand five hundred currency points.

Except as expressly provided, this Part does not apply to a financial institution holding a bancassurance authorisation.

The Authority may require a licensee to prepare a recovery plan where it has reasonable grounds to believe certain solvency, prudence, conduct, public-interest, or compliance problems apply.

Licensees must provide a recovery plan to the Authority; the Authority must inform the licensee if it is satisfied and may require amendments, and licensees may only amend with written Authority approval.

Licensees must comply with the recovery plan after it is approved by the Authority.

The Authority may issue directives to licensees when specified supervisory grounds exist; licensees who fail to comply may be fined up to one thousand currency points.

The Authority must issue a written directive to persons carrying on unauthorised business requiring them to stop or take protective actions; persons who fail to comply are liable to a fine not exceeding one thousand currency points.

The Authority may appoint investigators and direct them; investigators must report to the Authority and provide copies to the licensee or HMO; failing to assist an investigator is an offence punishable by a fine not exceeding one thousand currency points.

An investigator appointed under this section has powers to require attendance, to require information or documents, and (with written notice) to investigate related businesses when considered necessary for the investigation; those powers may only be exercised to the extent the investigator considers them necessary.

The Authority may appoint a statutory manager to manage a licensee and take custody of its assets on specified grounds; the statutory manager has the board's functions and may take a range of actions.

Describes duties and powers of a statutory manager, including tracing assets, recovering debts, reorganising the licensee, appointing interim boards via the Authority, declaring moratoria on payments, requiring information from former officers, and penalties for wilful refusal to provide information.

The Authority may terminate or remove a statutory manager and appoint another; when statutory management ends and no winding-up proceedings commence, management revests in the board of directors.

The Authority may apply to court for a protection order against a licensee or a person carrying on unauthorised business, but before doing so the Authority must be of the opinion that the order is necessary to protect or preserve the person's business or property or the interests of customers, prospective customers, creditors or the public.

An insurer carrying on life insurance business must not be wound up voluntarily without the prior written approval of the Authority, except to effect an amalgamation or transfer.

Only the Authority may wind up a licensee; the Authority must decide whether to handle winding-up petitions or permit petitioners to continue in court, and winding-up procedures are to be set by regulations.

The Authority may wind up a licensee's business where specified conditions exist (e.g. unlicensed business, insufficient capital or solvency margin, licence revocation after appeal, inability to meet policyholder obligations, or if it is just and equitable in policyholders' interests).

Before making, amending or replacing regulations or issuing guidance, the Authority must give substantially affected persons copies of the proposed documents, allow them a reasonable opportunity to make written representations, and consider those representations; it may publish documents online, consult associations for individuals, and may respond to representations.

The provision lists classes of persons who are deemed to have an insurable interest in another's life.

Members of the Board, staff of the Authority and any person performing functions under the Act who receive information must treat it as confidential and must not disclose it except when required by law.

Until the Ombudsman is established, the Authority must perform the functions of the Ombudsman.

Continues the Insurance Appeals Tribunal and sets its composition at five persons (including one advocate), requires at least two women members, provides that the Minister appoints the chairperson, states the Tribunal conducts business on an ad hoc basis, and that expenses are borne by the Authority or as determined in the Regulations.

Provides appeal rights to the Tribunal from Authority decisions, sets timelines for appeals and Tribunal communications, requires the Tribunal to give an opportunity to be heard, makes the Authority responsible for Tribunal expenses, and empowers the Minister to make regulations.

The Policyholders’ Compensation Fund is managed by a board of trustees whose members are appointed by the Minister.

The manner of governing the Policyholders' Compensation Fund and entitlement to and payments from the Fund shall be prescribed by regulations.

Establishes an Insurance Training College, transforms the existing Insurance Institute into the College, sets governance and administrative duties, requires the Minister to appoint the College Board on the Authority's recommendation, mandates the College to receive and apply the insurance training levy (section 141) to fund training and certification, requires audited accounts to be filed within ninety days after the financial year and audited under the Public Finance Management Act, 2015, and makes every licensed person a member of the College.

Insurers and HMOs must remit an insurance training levy on gross direct premiums to the College; licensees must collect the levy; the Authority prescribes the levy rate by Regulations; the College must apply the levy to fund training, examinations, certification and registration of licensees.

Any person must not, by advertisement, statement, promise or forecast that they know is misleading, false or deceptive, by dishonest concealment of facts, or by recklessly making such communications, engage in misleading advertisements.

The Authority must, within six months after each financial year ends, make and submit to the Minister a report on its activities and provide audited financial statements and the auditor’s report; the Board must also submit other reports when the Minister requires them.

Notices or documents required to be served on the Authority may be delivered at the office of the Chief Executive Officer, with evidence of receipt.

Members of the Board and officers, staff, and persons acting for the Authority are not personally liable for acts or omissions done in good faith while performing functions under the Act.

Insurers must not pay commissions to intermediaries who are not licensed; company officers who authorise contraventions are personally liable to penalties.

A licensee must display their licence prominently at the principal place of business where the public can access it, and must display a copy in each branch in Uganda; contravention attracts a fine not exceeding fifty currency points.

The Authority must publish the details of licensees and the scope of licences granted under this Act.

The Authority must not grant a licence to an applicant established outside Uganda unless it consults that applicant's supervisor in the applicant's country.

Licensees must comply with the Anti-Money Laundering Act, 2013 and laws on combating financing of terrorism.

The Minister must, in consultation with the Authority, make regulations by statutory instrument to carry into effect the provisions of the Act.

The Minister may, with the approval of Cabinet, by statutory instrument amend the Schedules to this Act.

Repeals the Insurance Act, Cap. 213, and keeps existing statutory instruments made under that Act in force until revoked under this Act.

All assets, rights and liabilities relating to insurance services that the Insurance Regulatory Authority of Uganda held before this Act's commencement shall vest in the Authority.

Employees of the Authority whose services are transferred shall transfer to the Authority on similar or better terms.

The Authority must continue to pay pensions to former employees receiving retirement benefits at the commencement of this Act, and must pay calculated retirement benefits and pension due to employees who become redundant because of implementation of section 154.

Recognises as valid licences issued by the Authority and agreements entered into by the Authority that existed before the commencement of this Act.

Pending court proceedings connected to the Authority and its vested assets or functions remain enforceable by or against the Authority as they were immediately before commencement of this Act.