Uganda insurance watchdog targets top Kenyan bosses

A UAP Insurance stand during an expo in Kampala, Uganda. Photo/Morgan Mbabazi 

In Summary

• The Insurance Regulatory Authority in Uganda has directed that at least one of the top two executives of each insurance company should be a Ugandan.
• The authority is using the requirement to ensure home grown expertise and professionalism.
• IRA Uganda will further require that at least half of the directors reside in the country.

By GEORGE NGIGI
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Kenyan insurers operating in Uganda will have to shuffle their executive suite following a directive by the regulator to have only two expatriates in top management.

The Insurance Regulatory Authority in Uganda has directed that at least one of the top two executives of each insurance company should be a Ugandan.

 

The authority is using the requirement to ensure home grown expertise and professionalism.

IRA Uganda will further require that at least half of the directors reside in the country.

However, the association of insurers in the country has opposed the move on the grounds that the notice was too short.