BY PAUL TENTENA
KAMPALA, UGANDA- Stanbic Bank has become the first bank in Uganda to be granted a Bancassurance license by the Insurance Regulatory Authority of Uganda following passage of the Financial Institutions Amendment bill 2016 which included a provision for Bancassurance and the subsequent approval of the regulatory guidelines by the Bank of Uganda BOU.
The Financial Institutions Act 2016 specified that the Insurance Regulatory Authority ( IRAU) would be responsible for receiving applications and licensing financial institutions to conduct Bancassurance business with authorization from the Central Bank.
Alhaj Kaddunabbi Ibrahim Lubega, The CEO of Insurance Regulatory Authority of Uganda said, “The introduction of Bancassurance as a strategic distribution channel of insurance is one of the most significant recent developments in the Financial Services Sector in Uganda. It will increase access to insurance services amongst Ugandans in different parts of the country through the vast bank branch network.