The Minister of Finance Planning and Economic Development Hon Matia Kasaija has officiated the inauguration of the Board of Directors of the Uganda Retirement Benefits Regulatory Authority and the new Board of the Insurance Regulatory Authority.
While speaking at the function, the Minister said these sectors play a vital role in safeguarding the financial security of Ugandans,mobilising long-term savings and supporting investment in the country.
“Government remains committed to strengthening the regulatory environment to ensure that both sectors operate with the highest standards of governance,transparency and accountability,” Minister Kasaija said.
The new Board of Directors of Uganda Retirement Benefits Regulatory Authority is chaired by Henry Balwanyi Magino who pledged to plug the governance gaps,provide strategic leadership to management and staff and also expand coverage to the informal sector.
The other members of Uganda Retirement Benefits Regulatory Authority Board are Prof Irene Nalukenge, Moses Zziwa, Alex Asiimwe, Florence Kutesa and Musa Lukwago.
The Insurance Regulatory Authory Board is chaired by Keto Kayemba and Grace Mugabiire is the Vice Chair of the Board and Sulaiman Ddumba is member of the Board.
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The Director Economic Affairs, Moses Kaggwa on behalf of the Permanent Secretary and Secretary to the Treasury (PSST) said Uganda’s transformation under the Ten-fold Growth Strategy requires sustained growth across all sectors of the economy including retirement benefits and insurance sectors.
“The retirement benefits sector is central to this agenda. Today,the sector contributes over 60 percent of gross national savings ans more than 13 percent of GDP,” He said.
He also said the Insurance sector is steadily growing with gross written premiums reaching approximately Ugx 1.85 billion reflecting annual growth of about 10 percent.
He however, noted that insurance penetration in Uganda remains below 1 percent and among the lowest in the region.
