{{East African Community states are in talks to determine how the common market will be implemented in the insurance industry.}}
The partner states including; Uganda, Kenya, Tanzania, Rwanda and Burundi have agreed to harmonise their regulations around the 26 insurance principles issued by the International Association of Insurance Supervisors.
Uganda’s Central Bank Governor Emmanuel Mutebile, explained that “the next phase of the process will entail the development of capacities for cross border supervision of insurance companies which operates in two or more of the partner states of East African Community.”
Addressing insurance stakeholders recently, Mutebile noted that an insurance company from one partner state will still require a license from the relevant local regulator if it wishes to operate in another partner state.
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