Suspension of NIC Life Assurance licence in Uganda

NIC Holdings has come out to explain the suspension of the operating licence for NIC Life Assurance Company Limited (NIC Life). The Insurance Regulatory Authority – IRA recently suspended the operating licence NIC Life Assurance Company Limited (NIC Life) due to the delayed appointment of Managing Director/Principal Officer. NIC Life is a subsidiary of NIC Holdings Limited. The Board says they had advertised the position in the newspapers in July, 2022 and that the process of recruiting a substantive Chief Executive Officer was underway. Elias Edu, Esq, Company Secretary says in a meeting, with the regulator on 12th August, 2022…