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Governance, Risk and Compliance – The Tanzanian Insurance Industry

Governance, Risk and Compliance – The Tanzanian Insurance Industry

Synopsis

Timetric’s 'Governance, Risk and Compliance – The Tanzanian Insurance Industry' report is the result of extensive research into the insurance regulatory framework in Tanzania.

It provides 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 brings together Timetric’s research, modeling and analysis expertise, giving insurers access to information on prevailing insurance regulations, and recent and upcoming changes in the regulatory framework, taxation and legal system in the country. The report also includes the scope of non-admitted insurance in the country.

Summary

The report provides insights into the governance, risk and compliance framework pertaining to the insurance industry in Tanzania, including:

  • An overview of the insurance regulatory framework in Tanzania.
  • The latest key changes, and changes expected in the country’s insurance regulatory framework.
  • Key regulations and market practices related to different types of insurance product in the country.
  • Rules and regulations pertaining to key classes of compulsory insurance, and the scope of non-admitted insurance in Tanzania.
  • Key parameters including licensing requirements, permitted foreign direct investment, minimum capital requirements, solvency and reserve requirements, and investment regulations.
  • Details of the tax and legal systems in the country.
Scope
  • The report covers details of the insurance regulatory framework in Tanzania.
  • The report contains details of the rules and regulations governing insurance products and entities.
  • The report lists and analyzes key trends and developments pertaining to the country’s insurance regulatory framework.
  • The report analyzes the rules and regulations pertaining to the establishment and operation of insurance businesses in the country.
  • The report provides details of taxation imposed on insurance products and companies.
Reasons To Buy
  • 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 establishment and operation of insurance entities in the country.
  • Understand key regulations and market practices pertaining to various types of insurance product.
Key Highlights
  • The Tanzanian insurance industry is regulated by TIRA.
  • Motor third-party liability and workers' compensation insurance are compulsory
  • 66.7% foreign direct investment 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.


  • Introduction
    • What is this Report About?
    • Definitions
      • Table Insurance Industry Definitions
  • Governance, Risk and Compliance
    • Table Tanzania - Insurance Regulatory Framework Key Features
    • Legislation Overview and Historical Evolution
    • Latest Changes in Regulation
    • Legislation and Market Practice by Type of Insurance
      • Life insurance
        • Table Tanzania - Life Insurance Regulatory Framework
      • Property insurance
        • Table Tanzania - Property Insurance Regulatory Framework
      • Motor insurance
        • Table Tanzania - Motor Insurance Regulatory Framework
      • Liability insurance
        • Table Tanzania - Liability Insurance Regulatory Framework
      • Marine, aviation and transit insurance
      • Personal accident and health insurance
    • Compulsory Insurance
      • Motor third-party liability insurance
      • Social insurance system
      • National Health Insurance Fund
      • Aircraft passenger liability insurance
      • Clinical trials liability insurance
      • Professional indemnity insurance for insurance intermediaries
      • Liability for ship owners in respect of oil pollution
      • Workers' compensation insurance
    • Supervision and Control
      • International Association of Insurance Supervisors
      • African Insurance Organization
      • Tanzania Insurance Regulatory Authority (TIRA)
    • Non-Admitted Insurance Regulation
      • Overview
      • Intermediaries
      • Market practices
      • Fines and Penalties
    • Company Registration and Operations
      • Type of insurance organization
      • Establishing a local company
      • Foreign ownership
      • Types of license
      • Capital requirements
      • Solvency margin
      • Reserve requirements
      • Investment regulations
        • Table Tanzania - Investment Limits for Insurance Companies
      • Statutory return requirements
      • Fee structure
    • Taxation
      • Insurance premium or policy taxation
      • Withholding taxes on premium paid overseas
      • Corporate tax
        • Table Tanzania - Corporate Tax Rates for the Financial Year 2016
      • VAT
      • Captives
    • Legal System
      • Introduction
      • Access to court
      • Alternative dispute resolution (ADR)
  • Appendix
    • Methodology
    • Contact Timetric
    • About Timetric
    • Timetric's Services
    • Disclaimer

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