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Tanzania Insurance Regulatory Authority. (“TIRA”) is a government agency responsible for supervision of insurance players. Tanzania Insurance Regulatory Authority (TIRA) was established under the Ministry of Finance by the Insurance Act No.10 of 2009 and became operational in 2009. The Authority was established as part of the efforts by the government to strengthen the institutional infrastructure of the insurance industry sector as part of the economy. Specifically, TIRA was mandated to specify the code of conduct for members of the insurance industry, effect supervision and monitoring of insurers, brokers and agents, formulate standards in the conduct of the business of insurance which shall be observed by insurers, brokers and agents, ensure proper observance of the code of ethics and practice by insurers, brokers and agents; protect the interest of policy-holder, specify requisite qualifications for members of the insurance industry and prescribe levies on premiums and commissions to ensure adequate funding for the Authority.
- Registration of insurance agents;
- Registration of insurance assessors and loss surveyors;
- Registration of insurance brokers;
- Registration of insurance companies;
- Registration of Reinsurance companies;
- Inspection of all insurance players;
- Handling insurance complaints from the public; and
- Creation of insurance awareness to the Public.
- Specify the code of conduct for members of the insurance industry;
- Effect supervision and monitoring of insurers, brokers and agents;
- Formulate standards in the conduct of the business of insurance which shall be observed by insurers, brokers and agents;
- Ensure proper observance of the code of ethics and practice by insurers, brokers and agents; and
- Perform any other function as may be necessary for the purpose of this Act.
- Protect the interest of policy-holder;
- Specify requisite qualifications for members of the insurance industry;
- Prescribe levies on premiums and commissions to ensure adequate funding for the Authority.
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