Assessment of the level of knowledge and practice of compliance based and risk based supervision regimes a case of Sanlam general insurance Uganda

Abstract

This study was conducted in Kampala, Uganda by interviewing the employees at Sanlam General Insurance Uganda. The main objective of the study was to assess the knowledge and practice of government Supervision and regulation of the insurance industry of Uganda. The study adopted a cross-sectional survey design and collected data from 46 employees who were selected using simple random sampling technique. A statistically insignificant positive relationship between monitoring and supervision and insurance practitioners’ knowledge was found out (odds ratio>1, p-value>0.05). Parkinson (2010) indicated that continued monitoring and supervision is very essential if excellence is to be achieved not only on an individual level but also on an institutional level especially if the rules of performance are well stipulated for the actors in the sector. A statistically insignificant positive relationship was also found out between policy compliance and insurance practitioners’ knowledge (p-values>0.05, odds ratio<1).According to Nielson (2006), the policy compliance is about ensuring that the law is enforced without using a lot of resources used in the process. Therefore policy compliance may have an insignificant impact on insurance practitioners’ knowledge. The multiple logistic regression results indicated statistically insignificant positive relationships between Monitoring & Supervision and insurance practitioners’ knowledge and between policy compliance and insurance practitioners’ knowledge (0dds ratio>1, p-values<0.05). The study concluded Monitoring & Supervision and policy compliance do not influence insurance practitioners’ knowledge.