The Uganda Insurance Regulatory Authority has issued a directive to all bancassurance agents allowing them to distribute insurance products through additional points of sale within the partner financial institution, including branch outlets, agent banking locations, and digital channels such as online and mobile platforms. It also allows financial institution staff to solicit, procure, or facilitate bancassurance business on behalf of the bancassurance agent, provided applications are reviewed and approved by the designated Specified Person or Principal Officer. The approval is subject to compliance and consumer protection conditions, including mandatory initial and annual refresher training for staff involved in marketing or pre-sale activities, mandatory review and sign-off of all applications by an authorised specified person before policy issuance, and customer confirmation (physically or digitally) that key facts and policy documents were received and understood, including for online sales. Bancassurance agents are required to embed these requirements into their internal policies and operational procedures going forward.
Uganda Insurance Regulatory Authority 2025-09-05
Uganda Insurance Regulatory Authority permits bancassurance agents to distribute insurance via branches agent banking and digital platforms subject to staff training and application sign-off controls
The Uganda Insurance Regulatory Authority mandates bancassurance agents to distribute insurance products via partner financial institutions' branches, agent banking, and digital platforms. Financial institution staff can facilitate this, subject to compliance and consumer protection conditions like mandatory training and application review by an authorised person. Bancassurance agents must integrate these requirements into their internal policies.