The Sanlam Life Insurance Uganda Chief Executive Officer, Gary Corbit has clarified about the legal status of Sanlam’s existing Family Protection Plan product, noting that its still on course, and policyholders’ contracts and their acquired rights have not been affected by the suspension of the policy from Insurance Regulatory Authority (IRA).
“We would like to assure you that Sanlam Life Insurance Uganda Limited management is currently in discussions with the regulator to ensure that our valued customers and partners continue to have access to and benefit from our comprehensive family protection insurance solution available to families in Uganda,” Mr Corbit said.
Mr Corbit made the clarification in regard to the recent notification of the IRA’s suspension of the Sanlam’s Family Protection Plan product.
Sanlam Life Insurance Uganda Limited is a licensed insurance provider, as indicated by license number IN/ 029/ 2020. As of December 31, 2023, the business recorded an after-tax profit of UGX 5.3 billion, a capitalization of UGX 30.5 billion, and a capital adequacy ratio (CAR) of 232 percent.
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These products include the Dream Builder Insurance Cover, Childstar Insurance Cover, Pamoja Insurance Cover, Education Protection Plan, Sancare Medical Insurance, Group Life Insurance, and Credit Life Insurance.
“We regret any inconvenience that this communication may cause, and we assure our clients and all stakeholders that we remain committed to our purpose of empowering generations to be financially confident, secure, and prosperous,” Mr Corbit remarked.
