Legal and Regulatory Assistance
Insurance Regulatory Authority (IRA) of Uganda
The IRA of Uganda asked for some technical assistance from the World Bank to develop a Regulatory Framework for crop and livestock insurance as well as suitable products for crop and livestock insurance.
With the amendment of the Insurance act in 2011, the IRA of Uganda has become in charge of the regulation of micro-insurance. One of the main products considered under this business is a microinsurance product for farmers which would enhance their access to credit.
Following the review of the Ugandan Insurance Act, it has been found that the Insurance Act did not include any provisions that permit microinsurance and index-based insurance specifically. In cooperation with GIZ, the World Bank team engaged in the development of a wider framework for MI, and has completed a comprehensive review of the old insurance act’s compliance with the ICP and presented it to the IRA. This has led to a request from the IRA to draft a completely new Insurance Act with specific provisions on agricultural insurance. As a final step, a new insurance act was drafted permitting index insurance regulations to be issued. This provision will allow the marketing and distribution of suitable products for crop and livestock insurance.
World Bank group
Tel: + 1 202 473 6160