The Actuarial Society of Kenya held a discussion with the Insurance Regulatory Authority – Uganda, in a view to understand the role actuaries play in Kenya’s insurance industry.
The IRA-Uganda is on a mission to develop the actuarial profession in the country, in order to enhance the capacity needed to drive Uganda’s Insurance Act, 2017 which has given actuarial professionals significant responsibilities in the management of the insurance businesses.
However, the IRA-Uganda recognises that whereas the law assigns several responsibilities to Actuaries, the Insurance Industry of Uganda does not have sufficient human resource to match regulatory demand. To address the gap, the regulator reached out to TASK for ideas and perspectives on how it can grow the profession.
IRA-Uganda was represented by its Director Supervision Benerd D. Obel, Bonny Okello, Ivan Kilameri, Edith Apoo, and Kevin Kateete. Moses Mutuli, TASK’s President, and Sahib Khosla represented the Society. A Memorandum of Understanding between the two institutions shall be deliberated upon later, as they continue to identify synergies for mutual growth and development of actuaries in the regional market.
Regulatory authorities play a crucial role in proliferating financial and economic growth in their respective markets. IRA-Kenya is credited for having played a large role in enabling the growth of actuarial profession in the country – and to some extent in the regional market.
The discussions are part of TASK’s CONNECTING focus area; forging of relationships with key stakeholders in order to increase TASK influence with them. The stakeholders include the Society members, actuarial science students, individuals with interest in the actuarial profession, and regulators.