In order to stimulate the development of the inclusive insurance market in Uganda the Insurance Regulatory Authority of Uganda (IRA) has developed a microinsurance regulation which will create a more proportionate regulatory environment for microinsurers. The draft regulations, which are to be submitted to the Minister of Finance, Planning and Economic Development for his approval, include a reduced minimum capital requirement of UGX 100million (USD 30,000) for insurance companies selling microinsurance products instead of the usual requirement of UGX 3 billion (USD 900,000) for life insurance companies and UGX 4 billion (USD 12 million) for non-life insurers.
The Law No. 15/005 of 17 March 2015 on the code of insurance in the Democratic Republic of Congo [DRC] puts an end to the monopoly granted to the National Insurance Corporation (Sonas, Société Nationale des Assurances), liberalising the sector. It will enter into force in March 2016, one year from the date of promulgation.
The new Insurance Code also establishes a Regulatory and Monitoring Authority for Insurance which will supervise the insurance market and safeguard policyholders’ rights.
On 3 September 2015 the insurance supervisors of Ghana, Liberia, Nigeria, Sierra Leone and The Gambia signed a Multilateral Memorandum of Understanding on the establishment of “The West African Insurance Supervisors Association (WAISA)” at the office of National Insurance Commission (NAICOM) in Abuja.