The Insurance Regulatory Authority (IRA) has suspended the licence of CIC Africa Life Assurance Limited, stopping the company from signing up any new customers effective 7th November 2025.
In a strongly worded public notice, the Authority warned Ugandans NOT to seek new life insurance products from the embattled insurer, although existing policyholders will continue to be serviced — at least for now.
The move, enforced under Section 44(1)(a) of the Insurance Act, Cap 191, follows growing scrutiny of underperforming and non-compliant insurance players in the market.
While details of CIC Life’s alleged violations remain under wraps, insiders say the suspension signals a renewed crackdown on errant firms mishandling policyholders’ money, according to Red pepper, a local publication
Industry insiders cited deeper trouble — including alleged financial irregularities, “creative accounting,” suspicious claim handling, and what one source dramatically described as “money moving where it shouldn’t.”
IRA secret agents are said to have been quietly combing through CIC Life’s books for months, triggering rumours of a secret audit that unearthed discrepancies big enough to rattle the regulator. Although none of these claims have been officially confirmed, their smoke has added fuel to public speculation about what really triggered the crackdown.
Following the suspension effective 7th November 2025, IRA has urgently warned Ugandans NOT to seek any new life insurance policies from the insurer. Existing policyholders will still be served — but even they are reportedly jittery as the saga unfolds.
Sources say the suspension could be the opening shot in a wider fraud-busting purge targeting insurers accused of mishandling premiums, inflating administrative costs, or sitting on claims. This publication is in possession of a list of insurance firms under probe but this is the story for another day.
“This is just the beginning,” one industry insider hinted.
The suspension has sparked panic among thousands of CIC Life customers, many now anxious about the fate of their policies and benefits. Industry analysts predict more regulatory fireworks as IRA intensifies its clean-up campaign to restore trust in Uganda’s shaky insurance sector.
IRA boss Alhaj Dr. Kaddunabbi Ibrahim Lubega reminded the public to ONLY deal with licensed insurers and urged disgruntled customers to lodge complaints through the Authority’s online system.
