The Uganda Insurance Regulatory Authority has issued a lien creation form under the Insurance Act (Cap 191) for creating a lien over a Central Securities Depository (CSD) instrument account, with the Authority named as the beneficiary of the lien. The template captures the CSD instrument account details, value date, issue number, maturity dates for both the issue and the lien, and the lien amount. It also specifies that any lien the Authority places on an insurer’s or HMO’s security deposit held in a commercial bank may not be withdrawn by any person or body without the Authority’s prior written approval, as referenced to Section 38(2)(a) of the Insurance Act.
Uganda Insurance Regulatory Authority 2025-07-25
Uganda Insurance Regulatory Authority publishes lien creation form for insurers’ and HMOs’ security deposits
The Uganda Insurance Regulatory Authority has introduced a lien creation form under the Insurance Act for liens on Central Securities Depository instrument accounts, naming the Authority as the beneficiary. The form details account specifics, value date, issue and maturity dates, and lien amount. It mandates that liens on insurers' or HMOs' security deposits in commercial banks require the Authority's prior written approval for withdrawal.