{"id":36712,"date":"2022-09-07T17:28:50","date_gmt":"2022-09-07T17:28:50","guid":{"rendered":"https:\/\/www.africa-press.net\/uganda\/all-news\/we-are-resolving-suspension-of-our-life-insurance-nic"},"modified":"2022-09-07T17:42:53","modified_gmt":"2022-09-07T17:42:53","slug":"we-are-resolving-suspension-of-our-life-insurance-nic","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/uganda\/all-news\/we-are-resolving-suspension-of-our-life-insurance-nic","title":{"rendered":"We are resolving suspension of our life insurance – NIC"},"content":{"rendered":"

Africa-Press – Uganda. <\/strong><\/span>NIC Holdings has said it is doing everything possible to resolve the impasse surrounding its life insurance business operated under NIC Life.<\/p>\n

In a statement sent to investors through the Uganda Securities Exchange, NIC said it had been made aware of the suspension of its operating licence of one of its subsidiaries – NIC Life – by Insurance Regulatory Authority (IRA) over delays to appointment a substantive chief executive officer.<\/p>\n

However, Mr Elias Edu, the NIC company secretary, said in a statement that the board, being aware of regulatory requirement, had advertised the position of chief executive officer in July, noting that the process to recruit was underway.<\/p>\n

IRA, he said, had been made aware of the process in a meeting on August 12, which was again communicated in a letter on August 19.<\/p>\n

Mr Ibrahim Kaddunabbi, the IRA chief executive officer , yesterday told Monitor that the suspension was based on a regulatory requirement, noting that as soon as the company fulfils it the licence shall be reinstated.<\/p>\n

However, Mr Edu had indicated in the statement that IRA had suspended its life operating licence on the day (August 29) it had appointed Mr Oluwatoyin Sanyaolu, a chartered insurer, who had been serving as a director on the NIC board, as the new chief executive officer.<\/p>\n

NIC Life is an integral part of NIC Holdings, representing 21 percent of the company\u2019s total assets and 10.3 percent of gross written premium as of December, 31 2021.<\/p>\n

In July last year, NIC reported a recovery from years of losses, posting a 9 per cent growth in written premiums.<\/p>\n

During the period ended December 2020, NIC indicated that written premiums had grown to Shs22b compared to Shs20b in 2019.<\/p>\n

Dr Alan Shonubi, the then NIC chairman, said that whereas 2020 had been a volatile year for most businesses, NIC had managed to record a major turnaround in its bottom line from loss to profit making, posting Shs1.91b as profit after tax compared to a loss of Shs2.7b in 2019.<\/p>\n

For More News And Analysis About Uganda<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Uganda. NIC Holdings has said it is doing everything possible to resolve the impasse surrounding its life insurance business operated under NIC Life. In a statement sent to investors through the Uganda Securities Exchange, NIC said it had been made aware of the suspension of its operating licence of one of its subsidiaries […]<\/p>\n","protected":false},"author":84,"featured_media":36711,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,8,12],"tags":[233,240,234],"class_list":["post-36712","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-homepage-english","category-policy","tag-africa-press","tag-africa-press-uganda","tag-uganda"],"yoast_head":"\nWe are resolving suspension of our life insurance - NIC - Uganda<\/title>\n<meta name=\"description\" content=\"NIC Holdings has said it is doing everything possible to resolve the impasse surrounding its life insurance business ope ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/uganda\/all-news\/we-are-resolving-suspension-of-our-life-insurance-nic\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"We are resolving suspension of our life insurance - 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