The Insurance Regulatory Authority of Uganda issued a circular granting insurers a conditional waiver of up to six months from the mandatory COP/CIU certification requirement for newly recruited Bank Sales Officers (BSOs) involved in bank sales. The waiver is intended to address high attrition rates among entry-level BSOs while maintaining conduct and consumer protection safeguards. The waiver applies for a maximum of six months per BSO and is not renewable. Insurers must run structured internal training programmes approved by the Authority, ensure uncertified BSOs work under close daily supervision of an approved specified officer, and submit monthly reports listing BSOs covered by the waiver, their start dates, and progress toward certification. Failure to certify within six months or breach of the conditions triggers immediate revocation of the waiver for the insurer and may lead to additional regulatory penalties, and BSOs must provide evidence of enrolment for COP/CIU certification with ITC before being approved as Specified Persons.
Uganda Insurance Regulatory Authority 2025-09-08
Insurance Regulatory Authority of Uganda grants a six-month conditional waiver of COP/CIU certification for newly recruited bank sales officers
The Insurance Regulatory Authority of Uganda allows insurers a conditional six-month waiver from the COP/CIU certification for newly recruited Bank Sales Officers (BSOs) in bank sales. This aims to mitigate high attrition rates while ensuring conduct and consumer protection. Insurers must implement approved training, supervise uncertified BSOs closely, and submit monthly progress reports. Non-compliance may lead to waiver revocation and penalties.