- February 16, 2024
- Posted by: admin
- Category: Current News
MEFMI conducted an in-country mission to review the reporting templates for insurers and the capital adequacy requirements from 17 to 24 August 2023. The mission was conducted on the back of previous support on IFRS 17 implementation to the IRA in 2021 and 2022. Previous support rendered by the MEFMI included developing guidelines and standard templates for IFRS 17 implementation and conducting an IFRS 17 impact assessment study.
The objectives of the mission were to develop risk-based supervision (RBS) reporting returns templates (annual, quarterly and monthly) which are compliant with IFRS 17 for all categories of licensed entities in the insurance sector in Uganda, to review and propose amendments of the Insurance (Capital Adequacy and Prudential Requirements) Regulations (2020) to align with IFRS 17, and to train the staff of the IRA and industry players on the new templates and the proposed amendment to the regulations.
During the mission, a set of nine fully customised Excel-based Risk-Based Supervision (RBS) Reporting Templates for the insurance industry were developed. In addition, the mission developed amendments to the Insurance (Capital Adequacy and Other Prudential Requirements) Regulations, 2020 and trained 10 IRA officials on the RBS templates and key prudential issues arising from IFRS 17. Further, the mission also conducted a one-day workshop for the insurance industry which was attended by 45 officials from the insurance sector.
A total of 10 IRA officials participated in the mission. In terms of gender distribution, only three (3) female officials participated. MEFMI engaged Mr Elias Omondi, a regional consultant on insurance supervision and IFRS 17 expert, Mr Paul Okirig, a lawyer and legal drafting expert to revise and align the capital adequacy regulations to IFRS 17 and Ms Glory Kasasi, a Graduate Fellow in Insurance Supervision from Reserve Bank of Malawi for the mission.
By Noel Mahombera