Overview:
Insurance Regulatory Authority of Uganda lifts suspension on Britam Insurance's performance bonds, allowing public to seek bonds from company again.
KAMPALA, Uganda — The Insurance Regulatory Authority of Uganda (IRA) has lifted the suspension on Britam Insurance Company (U) Limited’s performance bonds product.
The IRA made the decision after reviewing Britam’s compliance status. “The Insurance Regulatory Authority of Uganda, after a review of the compliance status of Britam Insurance Company (U) Limited and in exercise of its powers under Section 44(8) of the Insurance Act, Cap 191, has lifted the suspension of Britam Insurance Company (U) Limited’s Performance Bonds product with immediate effect,” Alhaj, Ibrahim Lubega Kaddunabbi, the Chief Executive Officer at Insurance Regulatory Authority of Uganda said in a public notice.
“Members of the general public are therefore encouraged to continue seeking Performance Bonds from Britam Insurance Company (U) Limited,” the notice read.
The regulator also cautioned the public to only deal with insurance companies authorized to underwrite performance bond products. “The Authority also takes this opportunity to advise the general public to ONLY deal with Insurance Companies authorised to underwrite Performance Bond products,” the notice said.
The IRA also reminded the public that they can lodge insurance-related complaints through an online complaints management platform.