The Uganda Insurance Regulatory Authority (IRA) has published a product approval checklist setting out the information and supporting documentation to accompany applications for approval of new or revamped insurance products, and the key items it expects reviewers to assess. The checklist covers the application form and concept note on product fairness and customer need, proposal and policy documentation (including definitions, benefits, coverage, exclusions, and relevant service-provider contacts), claim form content, and a key features statement covering benefits, early termination consequences, and investment-component commitments, charges and benefits where applicable. It also specifies expectations for marketing materials, the premium rating structure (including expenses and commissions for reinsurance and intermediaries), actuarial analysis (assumptions, methodology, projections, profit margin, risks, target market and stress testing), service level agreements, reinsurance arrangements (including retention and any mandatory placements), agreements between underwriters for bundled products, a product business plan covering at least three years, and product risk and AML risk assessments. The IRA also notes that, apart from the business plan, subsequent changes to submitted documents require IRA approval.
Uganda Insurance Regulatory Authority 2025-07-14
Uganda Insurance Regulatory Authority issues product approval checklist for new and revamped insurance products
The Uganda Insurance Regulatory Authority has released a product approval checklist detailing required information and documentation for new or revamped insurance product applications. The checklist includes application forms, policy documentation, marketing materials, premium rating structures, actuarial analysis, and service level agreements. It mandates IRA approval for changes to submitted documents, excluding the business plan.