The Uganda Insurance Regulatory Authority issued guidance to banks and insurance companies to address difficulties bancassurance agents face in obtaining borrowers’ signatures on the Key Features Statement (KFS), particularly at policy renewal. The Authority reiterated that Regulation 51 of the Insurance (Licensing & Governance) Regulations, 2020 requires licensed insurers to prepare a KFS and have it signed by the prospective policyholder at the point of sale and before policy inception. Where all reasonable efforts to reach the borrower have been unsuccessful, banks may sign the KFS as co-insureds to the insurance policy. For renewals, the requirement for the insured to sign the KFS may be waived where the insured signed the KFS at inception and the policy terms remain unchanged.
Uganda Insurance Regulatory Authority 2025-06-27
Uganda Insurance Regulatory Authority allows banks to sign Key Features Statements as co-insureds when borrowers cannot be reached and waives renewal signatures in limited cases
The Uganda Insurance Regulatory Authority issued guidance to banks and insurance companies on obtaining borrowers' signatures on the Key Features Statement (KFS), emphasizing compliance with Regulation 51 of the Insurance (Licensing & Governance) Regulations, 2020. Banks may sign the KFS as co-insureds if borrowers are unreachable, and the signature requirement may be waived at renewal if the KFS was signed at inception and policy terms remain the same.