Tanzania Insurance Industry – Governance, Risk and Compliance
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Tanzania Insurance Industry Regulation Overview
The insurance industry in Tanzania is supervised by the Tanzania Insurance Regulatory Authority (TIRA). Some other bodies overseeing the industry are the International Association of Insurance Supervisors (IAIS) and the African Insurance Organization (AIO).
The Tanzania insurance industry governance regulation report provides a detailed analysis of the insurance regulations for life, property, motor, liability, personal accident and health, and marine, aviation, and transit insurance. The report specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries. The report also gives insurers access to information on prevailing insurance regulations and recent and upcoming changes in the country’s regulatory framework, taxation, and legal system. It includes the scope of non-admitted insurance in the country as well.
Key Regulators | · Tanzania Insurance Regulatory Authority (TIRA)
· International Association of Insurance Supervisors (IAIS) · African Insurance Organization (AIO). |
Compulsory Insurances | · Motor Third-Party Liability Insurance
· Aviation Liability Insurance · Marine Liability Insurance · Professional Indemnity Insurance · Social Security Insurance |
Key Taxes | · Tax on Insurance Premium
· Corporate Income Tax · Corporate Capital Gains Tax · Value Added Tax |
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Tanzania Insurance Industry – Key Regulators and Legislation
Tanzania Insurance Regulatory Authority (TIRA): The TIRA took over the task of supervision of the Tanzanian insurance industry in 2009, through the enactment of the Insurance Act 2009. It is instrumental in ensuring the stability and efficient functioning of insurance and reinsurance companies. It functions in accordance with the regulations stipulated in the Insurance Act 2009 and Insurance Regulations 2009.
International Association of Insurance Supervisors (IAIS): The International Association of Insurance Supervisors (IAIS) is a membership-driven global organization that represents insurance regulators and supervisors of more than 200 jurisdictions in 140 countries. The IAIS formulates and issues various global insurance principles, standards, and guidance, provides training and support on issues related to insurance supervision, and organizes meetings and seminars for insurance supervisors. The IAIS works closely with other financial sector standard-setting bodies and international organizations to promote financial stability. It holds an annual conference where supervisors, industry representatives, and other professionals discuss developments in the insurance industry and topics affecting insurance regulation.
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Tanzania Insurance Industry - Compulsory Insurance
Some of the key compulsory insurances required within the Tanzania insurance industry are:
- Motor Third-Party Liability Insurance
- Aviation Liability Insurance
- Marine Liability Insurance
- Professional Indemnity Insurance
- Social Security Insurance
Tanzania Insurance Industry Analysis by Compulsory Insurances
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Tanzania Insurance Industry - Company Registration and Operation
A license is required to operate in the Tanzania insurance industry. Insurers, reinsurers, and intermediaries are required to be registered and obtain a license from the TIRA to carry out business in Tanzania. Insurers are only permitted to operate within those classes for which they have been granted a license. Companies are permitted to operate insurance activities within a single class or group of specific classes.
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Tanzania Insurance Industry – Taxation
Tax is imposed upon insurance premiums within the insurance industry in Tanzania. The other taxes imposed are Corporate Income Tax, Corporate Capital Gains Tax, and Value Added Tax.
Corporate Income Tax: Taxation in Tanzania is administered and supervised by the Tanzania Revenue Authority (TRA). The authority is responsible for achieving an effective, efficient, transparent, and taxpayer-oriented administration.
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Scope
This report provides:
- Details of the insurance regulatory framework in Tanzania
- Details of the rules and regulations governing insurance products and insurance entities
- Lists and analysis of key trends and developments pertaining to the country’s insurance regulatory framework
- Analysis of the rules and regulations pertaining to the establishment and operation of insurance businesses in the country
- Details of the taxation imposed on insurance products and insurance companies
Key Highlights
- The Tanzanian insurance industry is regulated by TIRA.
- Motor third-party liability and workers’ compensation insurance are compulsory.
- 7% of FDI is permitted in the Tanzanian insurance industry.
- Non-admitted insurance is not permitted in the Tanzanian insurance industry with a few exceptions.
- Composite insurance is not permitted in Tanzania.
Reasons to Buy
- Provides FAQ-style analytical insights comprising 129 knowledge elements on insurance compliance applicable to the country.
- Gain insights into the insurance regulatory framework in Tanzania.
- Track the latest regulatory changes and expected changes impacting the Tanzanian insurance industry.
- Gain detailed information about the key regulations governing the country’s establishment and operation of insurance entities.
- Understand key regulations and market practices pertaining to various types of insurance products.
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Frequently asked questions
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Which is the key regulator of the Tanzania insurance industry?
The Tanzania Insurance Regulatory Authority (TIRA) is the key regulator of the Tanzania insurance industry.
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Which other bodies oversee the Tanzania insurance industry?
The International Association of Insurance Supervisors (IAIS) and the African Insurance Organization (AIO) oversee the Tanzania insurance industry.
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Which are the compulsory insurances required within the Tanzania insurance industry?
Some of the compulsory insurances required within the Tanzania insurance industry are motor third-party liability insurance, aviation liability insurance, marine liability insurance, professional indemnity insurance, and social security insurance.
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What are the types of taxes imposed upon the Tanzania insurance industry?
Tax is imposed upon insurance premiums within the insurance industry in Tanzania. The other taxes imposed are Corporate Income Tax, Corporate Capital Gains Tax, and Value Added Tax.
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