Life Insurance Schemes in Uganda

Abstract

The business and investment environment in Uganda post January 1986 has had a rather intriguing progress. Despite these developments, there has not been a commensurate progress in as far as the life insurance sphere is concerned. This study therefore intends to examine the role that has been played by the legal institutions and regiemes in trying to rectify this problem. Currently, the law does not consider the problems being faced within the insurance industry. Some of which are; 1. undercutting of premiums by insurers, 2. the HIV / AIDS scourge 3. Lack of skilled manpower, to mention but a few. The Ugandan statute books have a silent and rather adamant attitude towards the insurance industry, especially in so far as life insurance schemes in Uganda are concerned. This is so because, as the case currently is; there is no statute to regulate and govern life insurance in Uganda, since the life insurance Act 1774 was repealed. By analysis of the above and other factors, this essay discusses the current atmosphere within the insurance industry, and fronts some recommendations as to how the legal regiemes could facilitate the industry, yet remedy the loopholes within the insurance industry in Uganda; especially in as far as life insurance is concerned.