Tanzania Insurance Regulatory Authority

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‘Our vision is to see that the insurance sector observes professionalism, integrity, accountability, transparency, team work, consistency and respect.’

— Mr Israel Kamuzora, Commissioner of Insurance

Establishment

Tanzania Insurance Regulatory Authority (TIRA) was established in 2009.

The Authority runs under the directions of the Commissioner of Insurance as stipulated in the Insurance Act no. 10 of 2009.

The mandate of TIRA also extends to Zanzibar where the functions of the Authority are under the supervision of the Deputy Commissioner of Insurance.

Mission
To develop, promote and maintain an inclusive, efficient, fair, safe and stable insurance market for the benefit and protection of policy holders.

Core values
Professionalism ● Customer Centricity ● Team Spirit ● Integrity ● Accountability ● Transparency

Objectives

  • Transforming the insurance industry into a sound and competitive agent for national savings mobilisation and development investment channelling
  • Promoting the insurance sector as an effective catalyst for enhanced economic growth
  • Strengthening and promoting the industry for healthy and orderly growth by establishing operating performance standards and recommendations
  • Exempting the insurance industry from undue interferences
  • Developing efficient, cost-effective, comprehensive and customer-driven insurance services in Tanzania

Functions

  • Co-ordinating and implementing policies on insurance matters
  • Regulating and co-ordinating activities of insurers, brokers and agents
  • Specifying the code of conduct for members of the insurance industry
  • Effecting supervision and monitoring of insurers, brokers and agents
  • Formulating standards in the conduct of the business of insurance which shall be observed by insurers, brokers and agents
  • Ensuring proper observance of the code of ethics and practice by insurers, brokers and agents
  • Protecting the interests of policy holders
  • Performing any other function as may be necessary for the purpose of implementing its Act of Establishment

Compliance with norms prescribed by the International Association of Insurance Supervisors (IAIS) remains a priority of TIRA. We have been an active member of the IAIS since 2000, both on the African continent and globally.