NEW TAX LAWS in UGANDA 2014/2015

NEW TAX LAWS in UGANDA 2014/2015

The 2015/2016 budget introduced several tax proposals several of which have been embodied in the law. The notable new tax laws are therefore as follows:

A. Income Tax Proposals

1.   Requirement of Tax Identification Numbers( TINs)

a.   Suppliers to be registered for tax

The Income Tax Act was amended to disallow expenditure incurred by tax payers who fail to provide TINS of their suppliers of goods and services.

Penalty: No deduction shall be allowed for any expenditure exceeding 5 (five) million Uganda shillings on goods and services from a supplier who has no tax identification number. S.22

b.   Requirement for a TIN to obtain licenses or any form of authorisation to conduct business in Uganda

There is now a further requirement making tax identification numbers (TINs) a mandatory requirement for issuance of licenses or permits generally. An amendment provides that every local community, Government Institution or regulatory body shall require a TIN from any person who applies for a license or any form of authorisation to conduct business in Uganda. S.24

2.   Reduce rate of withholding tax on reinsurance services

 Part XI of the Third schedule to the Income Tax Act was amended to reduce the    withholding tax rate of re-insurance premiums from 15% to 10%. A person who makes a payment of premium for reinsurance services to a non-resident person shall now be required to withhold tax on the gross amount of that payment at the rate of 10%.

3.   Increase presumptive tax annual gross turn over threshold from 50M to 150 M.

The 2^nd Schedule to the Income Tax Act has been amended to increase the threshold of annual gross turn over from UGX 50Million to UGX 150 Million for presumptive tax payers. The position is reflected below:

UGX>50<75million per annum--UGX 937,500 or 1.5% of gross turnover (whichever is lower)

UGX>75 <100 Million per annum---UGX 1,312,500 or 1.5% of gross turnover (whichever is lower)

UGX >100<125Million per annum---UGX 1,687,500 or 1.5% of gross turnover (whichever is lower)

UGX >125<150 Million per annum—UGX 2,062,500 or 1.5% of gross turnover (whichever is lower)

For tax payers whose businesses have a turnover of less than 50 Million Shillings, the tax treatment varies depending on the business being conducted by the tax payer. Some of the business listed are workshops, general trade, garages, drug shops,  in Kampala City and its Divisions ,in Municipalities and towns  according to the grades I, II & III. The rates vary from UGX 550,000/= to UGX 100,000/=.

4.         Thin capitalisation

a.         Increase of the debt to equity ratio

The debt to equity ratio in relation to borrowing by foreign controlled entities in Uganda has been increased.  The ratio has now been increased from 1:1 to 1: 1.5.

b.   Branch

The thin capitalisation rule also now extends to a branch of a non-resident company. This is a new development. (S.79). The debt to equity obligations is computed with reference to the debt obligations attributable to the branch together with the equity of the non-resident company conducted through the branch.

5.   Expanded scope of withholding tax (Reduction of exemptions)

The list of items exempt from withholding tax has been narrowed by excluding all but two of the items previously listed. The two remaining items that are still exempt for the tax are importations by exempt organisations listed in the Income tax Act and a supplier who is exempt from tax under the Act or who the Commissioner  is satisfied has regularly complied with the obligations  imposed on the supplier or importer.

6.   Advance tax by persons in the transport sector

A new amendment requires payment of income tax in respect of all goods motor vehicles with a load capacity of more than 2 (two) tonnes and passenger service vehicles before renewal of their annual operational licenses.

The rates are;

-for goods vehicles; UGX 50,000/= per ton per annum

-for passenger vehicles: UGX 20,000 per passenger per annum

13. Exempt Institutions (Listed Institutions)

The listed institutions that are exempt from tax under Section 21 of the Income tax Act has been updated by including “Global Fund to fight AIDS, Malaria and Tuberculosis” in the First Schedule to the Income Tax Act.

D. Excise Duty Amendments

1. Excise Duty in Respect of Excisable Goods and Services.

(i)        Cigarettes

Under the Excise Duty (Amendment) Act, 2015, there is an increase in the excise duty on cigarettes as shown below:

a)    Soft Cap; previous rate of excise duty is Ushs 35,000 per 1,000 sticks, the amended rate of excise duty is Ushs 45,000 per 1,000 sticks.

b)    Hinge lid; previous rate of excise duty is Ushs 69,000 per 1,000 sticks, the amended rate of excise duty is Ushs 75,000 per 1,000 sticks.

(ii)        Beer

a)    Whose local raw material content, excluding water is at least 75% by weight of its constituent, previous rate of excise duty was 20% and the amended rate of excise duty is 30%.

b)    Beer produced from barley grown and malted in Uganda- 30%

(iii)      Spirits

a)    Un-denatured spirits

·         Previous rate of excise duty was Ushs 4,000 per litre or 140% whichever is higher

·         Amended rate of excise duty is Ushs 2,500 per litre or 100% whichever is higher.

(iv)      Wine

b)    Other wines, previous rate of excise duty was 70% and amended rate of excise duty is 80%.

(v)       Fuel

a)    Motor spirits (gasoline) previous rate of excise duty was Ushs 950 per litre and amended rate of excise duty is Ushs 1,000 per litre

b)    Gas oil (automotive, light, amber for high speed), rate of excise duty was Ushs 630 per litre and the amended rate of excise duty is Ushs 680 per litre.

(vi)      Telecommunications Services

Excise duty has been removed from incoming calls from Kenya, Rwanda and South Sudan. The rest of the other incoming calls from other countries shall be charged duty at a rate of USD0.09 per minute.

(vii)      Motor vehicle lubricants

The rate of excise duty introduced is 5%.

(viii)   Chewing gum, sweets and chocolates

The rate of excise duty introduced is 10%.

(ix)      Furniture

The excise duty rate introduced is 10%.

E. Environmental Levy for motor vehicles

Environmental levy has been enhanced and the age of a car subject to the levy has been lowered.

The motor vehicles (excluding goods vehicles) which are between 5- 10 years old and above are subject to environmental levy at 25% to 35% of the CIF value.

Further, motor vehicles (excluding goods vehicles) which are 10 years old or more shall be subject to environmental levy at 50% of the CIF value.

These new laws will make importation of the abovementioned vehicles of 5 years old and above more costly.

    F. Travel Documents

a.   Revised application fees for passports

Increased passport fees by Ushs 30,000/=

          Type                                                         New              

Diplomatic                                                             Ushs 150,000

Official                                                                  Ushs 150,000

Ordinary                                                                Ushs 150,000

East African                                                            Ushs 80,000

Conventional Travel Documents (CTDs)                   Ushs 120,000

Passports processed within 48 hours (introduced)       Ushs 300,000

Single entry visa                                                       USD 80.

b.   Prepayment fee on applications for work permits of USD 1500

This is by virtue of the Finance Act, 2015. This fee applies only to the Work permit application of certain classes.

G. Annual Operator License Fees

·         Annual operator license fees in respect of vehicles have been imposed.

The following vehicles are be affected:

Country taxis                                          Ushs 200,000

Rental vehicles                                       Ushs 200,000 to Ushs 500,000

Town taxicabs                                        Ushs 200,000 to Ushs 500,000

Tourist vehicles                                       Ushs 200,000 to Ushs 500,000

Goods operator vehicles                         Ushs 300,000 to Ushs 700,000

Motor cycles used for boda boda                      Ushs 30,000

·         Operator licenses for cargo vessels (inland water vessels) and Research and Leisure have also been amended.

H. Value Added Tax Laws

These are the following changes;

(i)  Annual registration threshold

The annual registration threshold has been increased to UGX 150 million shillings from  UGX 50 million shillings)

(ii)  Qualification for cash accounting basis

The annual turnover of taxable person who qualifies for cash basis accounting has been increased to 500 million shillings from UGX 200 million shillings] – Section 26(1) VAT Act.

(iii)  New Zero rated goods & services

·         the supply of cereals grown and milled in Uganda [ this reverses the 2014 amendment which made them standard rated]

·         the supply of handling services provided by the National Medical Stores in respect of medicines and other medical supplies, funded by donors.

(iv)  Public International Organisations;

The following were added to the list of Public international organisations.

§  Global fund to fight AIDS, Malaria and Tuberculosis

§  Uganda Red Cross Society

(v) Special provision for taxation of mining and petroleum operations

Credit for input tax

Section 28(1) (b) to the VAT Act was amended so that a credit is allowed to the licensee conducting petroleum operations of all imports of goods made by that person or import of services made by a licensee during the tax period.

(vi) Refund of Overpaid Tax.

Section 42(2) (a) of the VAT Act was amended with regards to input tax credits that can be claimed by a Licensee tax payer. The effect is to replace “investment trader” with “licensee”. A definition for a “licensee” has been inserted as being a person granted a mining right or a person with whom the Government has entered into a petroleum agreement.

H.     EAC Customs Laws

·         Varying of import duty for goods  and passenger vehicles & road tractors for semi-trailers

The import duty on certain items has been greatly reduced by Uganda, Rwanda and Burundi by staying the EAC CET application as shown below;

                   Item                                          Previous duty                     New duty

a)    Road tractors  for semitrailers from  10% to 0%

b)Motor vehicles for transportation of goods with gross vehicle weight

exceeding 5 tonnes but not exceeding 20 tonnes from 25% to 10%

c)Motor vehicles  for transport of goods with gross weight exceeding 20 tonnes   from  25% to 0%

d)Buses for the transportation of more than 25 persons  from 25% to  10%

NOTE: The benefits will only be valid for one year. Other variations of duty also exist e.g. on razor blades, maternity (mama) kit razors among others.

                                                                   END

THE UGANDA INSURANCE AMENDMENT ACT, 2011

          INSURANCE IN UGANDA: An Analysis of the Insurance Amendment Act, 2011

As a general rule statutes dealing with the regulation of insurance business do not or have not defined the contract of insurance to obviate the danger of excluding contracts within or that should be within their scope. However a definition is essential as insurance business is closely regulated. In the words of Channel J, “a contract of insurance then must be a contract for the payment of a sum of money or for some corresponding benefit  to become due on the happening of an event, which event must have some amount of uncertainty  and must be of a character more or less adverse to the interest of the person effecting the insurance”[1].

The creation and enforcement of insurance contracts impinge at every turn upon the public interest and vitally affect the social and economic welfare of individuals[2]Insurance is a small world that reflects the purposes of the larger world outside it.[3]Therefore legal rules regulating the insurance industry merit careful analysis and study.[4]  The Act, like many other laws was can be understood only in the context of its historical development.[5] The Insurance industry in Uganda is underdeveloped, with very young regulatory framework.[6] Formal insurance sector legislation, regulation and supervision have only been implemented over the last decade. Until recently, the insurance industry operated effectively unregulated, with no compliance culture. The Insurance Act was passed in 1996 and the Insurance Commission was established as regulator and supervisor in 1997. One law, the Insurance Act (Cap 213 Laws of Uganda, 2000), governs all insurance business and is supplemented by the Motor Vehicle Insurance (Third Party Risks) Act (Cap 214 Laws of Uganda, 1989) that, amongst other things, makes third party insurance compulsory for all vehicle owners.

The 1996 Act was amended by the Insurance (Amendment) Act, 2011 [7] was passed in March 2011 and it sought close the loopholes in the law, ensure clarity of the law and to address challenges  like corporate governance, professionalism, innovation of new products, and more efficient and effective operations so as to promote insurance business among others. The changes brought on by this new Act can be gleaned from the long title restated in similar terms as in the bill title above. The amendment seeks to address challenges that have been affecting the growth of the industry. [8] Some of the critical changes include the following;

The Act amended S.1of the principal act by replacing risk inspectors with risk managers. Risk, in insurance terms, is the possibility of a loss or other adverse event that has the potential to interfere with an organization’s ability to fulfill its mandate, and for which an insurance claim may be submitted .Risk management ensures that an organization identifies and understands the risks to which it is exposed and also guarantees that the organization creates and implements an effective plan to prevent losses or reduce the impact if a loss occurs.[9]Risk management provides a clear and structured approach to identifying risks. Having a clear understanding of all risks allows an organization to measure and prioritize them and take the appropriate actions to reduce losses. It makes an organization a better risk to insure. However, the ambiguity as to the definition of insurance business still continues.

The Act changes the name of the regulator to Insurance Regulatory Authority of Uganda.[10] The new Act strengthens the Authority and entrench its autonomy and its ability to oversee the growth and consolidation of the market, encourage mergers, ensure financial soundness without compromising its independence and maximize consumer protection. The justification is also to harmonize with the East African neighbors, the Insurance Regulatory Authority of Kenya , and Tanzania Insurance Regulatory Authority.[11] Ms Kiwanuka[12] who blamed the low purchase of insurance products to limited awareness was speaking at a function where the former Uganda Insurance Commission officially rebranded to Insurance Regulatory Authority of Uganda (IRA)."Insurance product development and sensitization of the public to take up insurance cover is key if we are to grow insurance penetration. We hope that the rebrand will re-engineer IRA to perform much better." [13] Insurance penetration in Uganda is about 0.6 per cent, the lowest insurance penetration in the region, compared to Kenya's 2.6 per cent, and Tanzania and Rwanda's 1 per cent respectively. The Insurance Regulatory Authority vice chairperson, Ms Mary Jane Musungu, however, said inadequate funding to the authority hinders it from effectively carrying out important tasks such as awareness campaigns. The Authority's annual budget from the Ministry of Finance is about Shs400 million.[14]

The   Act tends to delink the Insurance Commission from supervision by the Bank of Uganda and bring it under the supervision of the Minister of Finance. [15]  It was argued that the central bank had told the committee they already had much work to do. "They told us that supervising insurances has been an extra burden to them yet they wanted to concentrate on their original mandates,"[16]Parliament rejected a move by a committee report which sought to mandate the Minister of Finance to supervise insurance companies, taking the responsibility away from the central bank. An insurance supervisory role cannot be entrusted with a politician who is merely appointed by an individual but to leave such work to central bank technocrats.[17]

To provide for health insurance as one of the classes of non-life insurance business to be regulated under the  Insurance Act. As a result, insurance companies that apply to transact health insurance are no longer  licensed to do so under section 5 (b) (xiv) of the Act, under “any insurance other than specified above”but specifically  under S.5 (b)(xiiia) or (xiiiab).The justification is to cater for the  regulation of all organizations engaged in the provision of health care by insurance or membership .[18] Private health insurance – although still not widespread – has contributed towards reducing child mortality, improving maternal health and curbing HIV/AIDS, malaria and other diseases.[19] It aims to expand health coverage for poor Ugandans and increase Uganda’s chances of meeting its Millennium Development Goal health targets. Unfortunately, the scheme’s proposed first-track beneficiaries are civil servants who do not exactly match Uganda’s category of the extreme poor, who according to the Uganda Insurance Commission, will be covered through adequate adoption of micro insurance programmes.[20]

In addition, the Commission had included the operations of health management organizations under the purview of the Act and therefore, the regulation function of the Uganda Insurance Commission which  is designed to improve the monitoring of the operations of those organizations. Adopting the proposal to bring them under the regulation of the Authority is expected to lead to better health facilities. This will help reduce child mortality, improve maternal health and contribute to the national overall effort to combat HIV/AIDS, tuberculosis, malaria and other diseases.[21]

The New Act also provides for micro insurance and bancassuranse as one of the classes of non-life insurance business to be regulated under the Insurance Act and allows for the involvement of banks in the selling of insurance products.[22] The micro insurance plans of the Uganda Insurance Commission are an innovative way for the industry to reach out to the extreme poor.[23] Low penetration can be regarded primarily as the result of the low and irregular incomes of the Ugandan population, which implies that little disposable income is available to dedicate to insurance. . There is a Low overall insurance penetration and formal market dominates. The insurance market currently serves no more than 8% of the population. Only 3% of the adult Ugandan population currently uses traditional (non-micro) insurance.  The insurance industry in Uganda has high market uncertainties as a result of foreign entry, and implementation of insurance regulation over the past decade. And as the focus was initially on achieving stability, micro insurance was not yet a high priority. In Uganda the share of micro insurance exceeds that of traditional insurance a fact which can be explained by the extremely high poverty level where the per capita GDP as at 2006 was Ushs. 725,342 and 2007 was only ushs 801,515.[24]

Bancassurance covers a wide range of detailed arrangements between banks and insurance companies, but in all cases it includes the provision of insurance and banking products or services from the same sources or to the same customer base[25]. “Bancassurance is the provision of insurance and Banking products and services through a common distribution channel and/or to the same client base.”[26] Its benefits include increased income generated, in the form of commissions and/or profits from the business,reduction of the effect of the bank’s fixed costs, as they are now also spread over the life insurance relationship, and an opportunity to increase the productivity of staff, as they now have the chance to offer a wider range of services to clients. They  provide more complete solutions than traditional standalone banking or insurance products. For example, a policyholder takes out a permanent assurance with the aim of funding future education costs and  can also take out  loan (mortgage) and assign the life policy to the bank as beneficiary. For the bank the benefits are increased sales and a more widely based relationship with the customer than would be possible with bank products only.[27] Because of the possible wide spread of branches across the country, bancassurers can have a competitive advantage over traditional insurers (non-bancassurers), derived from the provision of customer service through automated teller machines (ATMs).

The Act provides for an increase in fines.[28]S.95 as amended now provides for a an increased fine of 15 currency points replacing the shs15000 in the old Act. This is a welcome provision that will carry a more deterrent effect considering that the inflation  and changed times has rendered the old fine obsolete in achieving the deterrent and punitive effect required thus boosting compliance with S.95of  the  Act to  protect the policy holders and ease their monitoring  and governance .

Under  corporate governance , S.11 of the principal act was amended to provide that a member of the  board of directors of an insurance company shall not at the same time serve as a member of the board of the board of directors of another insurance company or of an insurance brokerage in Uganda .The justification was to narrow the scope of restriction against cross directorship in any insurance company and financial institutions, security brokerage companies ,to enable the insurance sector benefit from the scarce human resource capital with relevant knowledge ,expertise and skills in insurance and actuaries matters ,who prefer to remain in financial institutions under securities markets  which are more profitable ventures .[29]  It also prohibits the transaction of the business of life insurance and non-life insurance under a composite company.

In addition, by providing the circumstances under which certain officers are prohibited from holding office in an insurance company it aims at promoting professionalism because the sales staff who generate the premiums have in the past been accused by the insuring public of mis-selling and failure to explain basic policy terms mostly because they are not well versed with what they are selling.[30] "With the failure of financial institutions in the US and Europe, we have learnt that no organisation is too big to fail and that corporate governance and transparency are very important, more so with organisations with group structures,"[31]No agent shall be licensed without the requisite qualifications finished.

S.8 of the principal act was amended to enhance development of the  sector by  increasing the amount available to an insurer  by substituting 50% for 10% of the security deposit and where an insurer suffers a substantial loss arising from liability to claimants and the loss is such that it cannot be met from its available resources, the Authority  may, after ascertaining the nature of the claim and upon application made by the insurer, approve the withdrawal from the security deposit of the insurer. This opens up the possibility of rehabilitating an insurer to maintain their solvency.

The new Act also provides for an insurance training levy[32] where for each policy issued there will be a levy paid by the consumer to develop the Insurance Institute of Uganda for purposes of Training and Certification. This will enable the Institute to develop a curriculum and facilitate training of more insurance professionals[33]and thereby create awareness and professionals that can run the insurance business in this country. “You go to a number of insurance and other financial institutions to find they are only run by foreigners because for a long time, we couldn’t get enough professionals in this country with the right level of experience and exposure and the reason for that we didn’t train any. If we don’t train, we’ll continue to import talent.”[34]

The Act establishes policyholders ‘compensation fund[35]which fund shall be used to compensate the policy holders of an insolvent insurer.[36]This will help increase trust and  a sense of security  in insurance companies by clients.

It establishes the Insurance Appeals Tribunal .This receives, hears and determines disputes in the insurance sector without prejudice to the rights of the parties to appeal to the High Court and other supervisor courts in the administration of justice.[37] This underscores the essence of expedient trials for complainants, will decongest the traditional courts and is associated with benefits of tribunals in general.

S.64 as amended requires compulsory cessions from all insurance companies to Uganda Re, a local reinsurance provider [38]  which will compete with other EAC reinsurers and expand sound insurance and reinsurance activities in Uganda. Uganda Re is a limited liability company that was incorporated [39]however, it‘s not been operational since its incorporation. The Authority[40] plans to develop a policy whereby a working and well-established national reinsurance company can stop capital flight caused by the lack of such a domestic provider. For instance, from 2002–2006, nearly half of the annual non-life premiums – 42 per cent – generated in Uganda left the country; in 2006 this represented an outflow of $25 million.[41]

In conclusion, several reasons for the low return of net premiums in the form of claims to clients are high costs associated with relatively weak and expensive communications and payment infrastructure. Insurers are small by international standards, making it difficult for them to spread their fixed costs. The Government of Uganda needs to liberalize the pension sector in the near future to break the monopoly currently enjoyed by the National Social Security Fund to boost the life and pension business of the insurance services sector, whose performance is currently poor release funds previously under government control for long-term investment by the industry and increase the premiums locally written by domestic players. There is also  need for a comparative review of applicable insurance legislation and regulation across all Partner States with the Partner States agreeing on common minimum capital levels, solvency requirements and investment guidelines that would apply to all companies licensed to provide insurance services in all their categories in the future EAC Common Market to ensure a level playing field for all insurance companies in East Africa in addition to guaranteeing consumer rights in each of the Partner States by avoiding regulatory competition among them. In the USA, Insurance companies that provide individual and small group policies will be required to spend 80 percent of their premium dollars on medical services, free preventive medicare and intricate details like pre-existing conditions have been tackled while in Uganda, the Act is silent.[42]

BIBLIOGRAPH (2001)

Bibliography

J.Birds & Hird (2001);Modern insurance Law 5^th Edition  Ed Sweet & Maxwell       

.L.Kinball, Spencer. The purpose of Insurance Regulation; A preliminary inquiry .

kulabako, Faridah. "Uganda ;Insurers must improve innovation ." The Moniter, October 17th, 2011.

Robert .H.Jerry. Understanding Insurance Law. 2004.

REFERENCES

JUNITED NATIONS ; United Nations conference on trade and development(UNCTAD)  ;National Services Policy Review UGANDA(printed in Switzerland)2011

JMICHEAL MAC’CORD; Micro Insurance  in Uganda ;Acase example of the partner –agent model of microinsurance provision ,

            NHHP/FINCA

JTHE STONE JUSTICE GARY DOWNESAM;The Administrative Tribunal  Role in Insurance Industry (11^th April 2006)

JThe East African  Newspaper ;Paul Mwijagye. “THE DELAY IN AMENDMENT OF INSURANCE ACT HINDERING DELAY IN DEVELOPMENT OF INSURANCE INDUSTRY ,THE INSURANCE COMMISSION SAID”(Accessed 5/11/11)

JINSURANCE INSTITUTE OF UGANDA; “Overview of the insurance industry”

JTHE MONITOR(KAMPALA); Mecry Nalugyo& S.Naturinda  “Women want divorce bill passed as insurance bill is cleared “

JWEIKAMA EMMA  “The Insurance Industry in Uganda ;The importance of the industry and as an intermediary in developing countries”

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[1] Prudential Assurance CO. Ltd Vs Inland Revenue Commissioner [1904]2 KB 658 AT 663,

[2] (Robert .H.Jerry 2004)II

[3] (.L.Kinball n.d.),

[4] Ibid. Jerry.,

[5] Morris &Read P.(V)

[6] Weikama Emma  “The Insurance Industry IN Uganda” WEIKAMA EMMA TIERRA GROUP INC.Published at Sooper Articles - Free Articles Directory http://www.sooperarticles.com

[7] Formerly Insurance (Amendment) Bill, 2010  

[8]PAUL MWIJAGYE “Insurers call for fast amendment to the insurance act” The East African newspaper .Saturday, 5 November 2011

[9] Controlling Costs with Risk Management

[10] S.9 amended S.14of principal Act

[11]M Tumwebaze; Hansard; 2^nd reading .23/03/2011

[12] Finance Minister

[13] Kulabako Faridah. The Moniter; “Uganda ;Insurers must improve innovation”.

[14] ibid

[15] Parliament of Uganda eNewsletter Vol. 4 Issue No. 24   Monday March 21, 2011 - Friday March 25, 2011

[16] The committee vice chairperson, Mr Robert Ssebunya, ‘Uganda: Women MPs Want Divorce Bill Passed As Insurance Bill is Cleared’ article by Mercy Nalugo and S. Naturinda.24 March 2011(All Africa.com)Last accessed on 05/11/2011)

[17]Aruu County MP Odonga Otto; ibid

[18]Mr Tumwebaze; Hansard

[19]UNITED NATIONS ; United Nations conference on trade and development  ;national services policy review; UGANDA 37

[20] ibid 47

[21] ibid

[22] Finance Minister, Ms Maria Kiwanuka ;Uganda: Insurers Must Improve Innovation-Minister article byFaridah Kulabako(All Africa .com)(17 October 2011)accessed on 05/11/2011

[23]United Nations  ibid

[24] ibid

[25] Münchener Rück ,Munich Re Group ‘Bancassurance in Practice’P.2

[26]ibid

[27] Ibid .6

[28] S.47 Of New Act

[29]Tumwebaze Hansard.2^nd reading          

[30] Ms. Evelyn Nkalubo-Muwemaba, the acting commissioner Uganda Insurance Commission (UIC)(as she then was)

[31] ibid

[32] S.94A(2011 ACT)

[33]. Mathew Koech “The business of selling promises; on why insurance is a necessity for all” Sat,11.05.2011  (INTERNET Last accessed on 05/11/2011) Last updated05:32:26 PM GMT

[34] ibid

[35] S.71A

[36] wagame

[37] Hansard; Wednesday ,23 March ,2011

[38] S.33

[39] 7 November 2000

[40] Previously Uganda Insurance Commission

[41] UNITED NATIONS ; United Nations conference on trade and development  ;national services policy review UGANDA

[42] New Health Reform Law that affect individuals ;Health  Insurance that kicks in for 2011