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Tanzania Regulation

Parliament of Tanzania

The Insurance (Amendment) Regulations, 2023

This provision names the Regulations and says they should be read together with the Insurance Regulations, 2009. This section defines “perpetual registration” as registration with no fixed term, unless revoked,…

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Tanzania
Structure
90 provisions
Citation
The Insurance (Amendment) Regulations, 2023
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01

Purpose and legislative effect

“This provision names the Regulations and says they should be read together with the Insurance Regulations, 2009.”

This provision names the Regulations and says they should be read together with the Insurance Regulations, 2009. This section defines “perpetual registration” as registration with no fixed term, unless revoked, cancelled, or otherwise determined by the Commissioner under the Act. This section amends the principal Regulations by replacing Part II with a new Part II on registration of insurers. A person may not carry on insurance business unless registered by the Authority. An application for registration must be made to the Commissioner using Form No. 1 and must include the registration fee set out in the Third Schedule.

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Section 7

Has there been in the

The form asks whether there has ever been a conviction for fraud or dishonesty, any bankruptcy or insolvency adjudication for a director, or any court finding of unsound mind, and requires YES or NO plus separate full details if YES.

Section 2

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Showing 90 of 90 provisions

Provision 60Amendment 21Substitution 5Repeal 3
§ 1These Regulations may be cited as the InsuranceAmendment

This provision names the Regulations and says they should be read together with the Insurance Regulations, 2009.

1. These Regulations may be cited as the Insurance (Amendment) Regulations, 2023 and shall be read together with the Insurance Regulations, 2009 hereinafter referred to as the “principal Regulations”. Amendment of regulation 2
Section 1Verify source
§ 2The principal Regulations are amended inAmendment

This section defines “perpetual registration” as registration with no fixed term, unless revoked, cancelled, or otherwise determined by the Commissioner under the Act.

2. The principal Regulations are amended in regulation 2 by adding in its appropriate alphabetical order the following definition: ““perpetual registration” means registration which is not limited in term but remains valid until revoked, cancelled or determined otherwise by the Commissioner in accordance with the Act;”. Amendment of Part II
Section 2Verify source
§ 3The principal Regulations are amended bySubstitution

This section amends the principal Regulations by replacing Part II with a new Part II on registration of insurers.

3. The principal Regulations are amended by deleting PART II and substituting for it the following: ““PART II REGISTRATION OF INSURERS Registrati on of insurer
Section 3Verify source
§ 3(1) A person shall not conductAmendment

A person may not carry on insurance business unless registered by the Authority.

3.-(1) A person shall not conduct insurance business without being registered by the Authority. (2) Subject to subregulation (1), registration of the insurer shall be perpetual subject to terms and conditions as prescribed under the Act. (3) Without the generality of subregulation (2), where the prejudice to 1 GN NO. 759 (Contd) Insurance (Amendment) Regulations Commissioner is satisfied that the applicant has the history of non-compliance with the provisions of the Act, may grant registration for a period not exceeding three years subject to monitoring and special supervision by the Authority. (4) The Commissioner when granting registration under subregulation (3) shall notify the insurer in writing the reason for such decision and the registration shall be- (a) cancelled where the insurer fails to fulfil terms and conditions as determined by the Commissioner; or (b) upgraded to perpetual registration terms and upon fulfilment of conditions for registration. Applicati on for registratio n Certificat e of registratio n
Section 3Verify source
§ 4An application for registration shall beProvision

An application for registration must be made to the Commissioner using Form No. 1 and must include the registration fee set out in the Third Schedule.

4. An application for registration shall be made to the Commissioner in Form No. 1 as specified in the First Schedule and accompanied by registration fee as specified in the Third Schedule.
Section 4Verify source

Part

Schedule.

§ 5(1) The Commissioner shall issue toAmendment

The Commissioner must issue a certificate of registration to every successful applicant, and a registered insurer must pay the annual fee set out in the Third Schedule.

5.-(1) The Commissioner shall issue to every successful applicant a certificate of registration which shall be in Form No. 2(a) or 2(b) specified in the First Schedule. (2) A registered insurer shall pay annual fee as prescribed under the Third Schedule.”. Amendment of regulation 6
Section 5Verify source
§ 4The principal Regulations are amended inSubstitution

This provision amends regulation 6(3)(b), replacing “one third” with “two thirds”.

4. The principal Regulations are amended in regulation 6(3)(b) by deleting the words “one third” and substituting for them the words “two thirds”. Amendment of regulation 7
Section 4Verify source
§ 5The principal Regulations are amended inSubstitution

The listed insurance registrations are valid for three insurance years and can be renewed.

5. The principal Regulations are amended in regulation 7 by deleting subregulations (2) and (3) and substituting for them the following: “(2) Subject to subregulation (1), registration of insurance broker, risk manager, loss adjuster, assessor, insurance surveyor, private investigator, actuary and claims settling agent shall be valid for three insurance agent, 2 GN NO. 759 (Contd) Insurance (Amendment) Regulations years and subject to renewal. (3) Subject to subregulation (4), an application for renewal of registration shall be made a month before expiry, in the prescribed form and shall be accompanied by the prescribed fee.”. Amendment of regulation 18 Amendment of regulation 20
Section 5Verify source
§ 6The principal Regulations are amended inAmendment

This provision amends regulation 18 by deleting subregulation (5) and renumbering subregulations 6 and 7.

6. The principal Regulations are amended in regulation 18, by- (a) deleting subregulation (5); and (b) renumbering subregulations 6 and 7 as subregulations 5 and 6 respectively.
Section 6Verify source
§ 7The principal Regulations are amended inSubstitution

The amendment requires insurers to deposit at least 50% of the prescribed minimum paid-up capital into Trust Accounts in designated commercial banks, and requires the Authority and Bank of Tanzania to manage and certify the arrangement.

7. The principal Regulations are amended in regulation 20, by- (a) deleting paragraph (b) of subregulation (1) and substituting for it the following: “(b) the deposit made under paragraph (a) the Bank of shall be invested at Tanzania in Government securities as proposed by insurer and approved by the Commissioner and the Bank of Tanzania shall issue a certificate of such investment to every insurer who has invested money with it in accordance with the provisions of this regulation; and”; (b) deleting subregulation (3) and substituting for it the following: “(3) For purposes of subregulation (1), the Authority shall open and manage Trust Accounts in designated commercial banks in which every insurer shall deposit an amount not less than fifty percent of the prescribed minimum paid up capital of the company as prescribed under regulation
Section 7Verify source
§ 18”; andRepeal

An insurer may invest deposits in the Trust Account in a designated commercial bank or the Bank of Tanzania, but only with the Commissioner’s prior approval.

18.”; and (c) adding immediately after subregulation (3) the following: “(4) The deposits made in the Trust Account shall be available for investment by the insurer in designated commercial bank 3 GN NO. 759 (Contd) Insurance (Amendment) Regulations or Bank of Tanzania with prior approval of the Commissioner. income derived from (5) Upon maturity, the principal amount and the investment made under subregulation (4) shall be deposited in the Trust Account in terms of subregulation (3). (6) The balance of fifty percent of the minimum paid up share capital shall be dealt with in accordance with the provisions of regulation 35, depending on the type of insurance business being transacted by the insurers.”. Repealing of regulation 33 Repeal and replacement of regulation 34
Section 18Verify source
§ 8The principal Regulations are amended byRepeal

This provision repeals regulation 33 of the principal Regulations.

8. The principal Regulations are amended by repealing regulation 33.
Section 8Verify source
§ 9The principal Regulations are amended byRepeal

This section amends the principal Regulations by repealing regulation 34 and replacing it with new text.

9. The principal Regulations are amended by repealing regulation 34 and replacing for it the following: “Payment of premium due
Section 9Verify source
§ 34(1) An insured shall pay to aProvision

An insured must pay premiums to the Tanzanian insurer by depositing them into the insurer’s account. Where premiums are shared among insurers, they must be shared proportionately, and any premium under subregulation (2) must be paid to each participating insurer within seven working days from cover inception.

34.-(1) An insured shall pay to a Tanzanian insurer all premiums due to the insurer by depositing to the account of the insurer for insurance cover effected at the instruction of the insured. (2) Subject to subregulation (1), the payment of premium for the risk shared between insurers in its insurance business, shall be shared proportionately among the insurers in accordance to the risk accepted by each participating insurer. (3) The premium referred to under subregulation (2) shall be paid to each participating insurer within seven working days from the date of inception of the cover.”. Addition of regulation 34A
Section 34Verify source
§ 10The principal Regulations are amended byAmendment

The principal Regulations are amended by adding a new regulation immediately after regulation 34, titled “Validity of insurance cover”.

10. The principal Regulations are amended by adding immediately after regulation 34 the following: “Validity of insurance cover
Section 10Verify source
§ 34A(1) An insurance cover shallAmendment

Insurance cover can become invalid back to the start date if the premium is not paid in full on that date, and policies/covers must show the full premium charged.

34A.-(1) An insurance cover shall become invalid retrospective to the date of inception if premium is not paid in full on the date of inception. 4 GN NO. 759 (Contd) Insurance (Amendment) Regulations (2) All insurance policies shall disclose the requirement specified under subregulation (1) on each cover note and each policy. types of (3) The Commissioner may exempt certain the insurance requirement specified under subregulation (1) upon receipt of a request from an insurer after showing a good cause. from (4) Every policy and cover note issued by the insurer, broker or an agent shall show the full premium charged.”. Amendment of First Schedule
Section 34AVerify source

Part

Schedule

§ 11The principal Regulations are amended bySubstitution

The principal Regulations are amended by replacing specified forms in the First Schedule with a new Form No. 1 for applications for registration as an insurer.

11. The principal Regulations are amended by deleting Form Nos. 1, 2, 3(a), 3(b), 4 and 5 appearing in the First Schedule and substituting for them the following: “FORM NO. 1 (Made under regulation 4) APPLICATION FOR REGISTRATION AS AN INSURER BY THE....... ………………………………. LIMITED Address of Insurer .............................................................................................. ......................................... ………………………………………………….. ......................................... ………………………………………………….. Date ...................... 20................. To, The Commissioner of Insurance, Tanzania Insurance Regulatory Authority, P.O. Box 2987, DODOMA. TANZANIA. Dear Sir/Madame,
Section 11Verify source
§ 2Section 2Provision

The applicant states that it is applying to register as an insurer resident in Tanzania and gives the company’s registered office location.

2. I/We apply for registration of the ............................................................................................................. ........................................................... under section 23 as an insurer resident in Tanzania. The registered office of the Company will be at ........................................................................................................................
Section 2Verify source
§ 3The head office of the Company will be atProvision

The provision states that the Company’s head office will be at a specified location, but the location is not filled in here.

3. The head office of the Company will be at ........................................................................................................................
Section 3Verify source
§ 4The person managing the business of the Company will beAmendment

The text is incomplete and does not state a substantive rule.

4. The person managing the business of the Company will be ....................................................................................................................... 5 GN NO. 759 (Contd) Insurance (Amendment) Regulations
Section 4Verify source
§ 5The Principal Officer of the Company isProvision

This section identifies the company’s principal officer and includes a space for the officer’s address.

5. The Principal Officer of the Company is ....................................................................................................................... of address ..........................................................................................................................
Section 5Verify source
§ 6The Auditor of the Company is .................................................. of addressProvision

The provision is a blank form entry for the company's auditor and address.

6. The Auditor of the Company is .................................................. of address ....................................................................................................................... .......................................................................................................................
Section 6Verify source
§ 7TheProvision

This section fragment mentions the actuary to the Company and an address, but it is incomplete.

7. The actuary to the Company ........................................................................................................................ address ....................................................................................................... is of
Section 7Verify source
§ 8The amount of authorised share capital of the Company isProvision

The provision states blank amounts for the company’s authorised share capital and issued/paid-up share capital in Tanzanian shillings.

8. The amount of authorised share capital of the Company is ............................ Tanzanian Shillings. The total amount of issued and paid-up share capital (excluding preference is ............................................ Tanzanian Shillings. the Company) non-voting shares shares and of
Section 8Verify source
§ 9The amount of issued and paid-up preference shares and non-voting shares of theProvision

This provision sets out an amount for the company’s issued and paid-up preference shares and non-voting shares, in Tanzanian Shillings.

9. The amount of issued and paid-up preference shares and non-voting shares of the Company is ......................................... Tanzanian Shillings
Section 9Verify source
§ 10The month and day of the financial year end isProvision

This section is about the month and day of the financial year end.

10. The month and day of the financial year end is ..................................................
Section 10Verify source
§ 11The following information and documentation should be attached to this applicationAmendment

An insurer application must include the listed information and documents, or the Commissioner may return the application.

11. The following information and documentation should be attached to this application. Failure to provide all the required information will result in the return of the application by the Commissioner. Statements showing- (a) the individual classes of insurance business under Schedule 1 and 2 of the Act which the insurer wishes to transact; (b) the monetary "own account" and reinsurance treaty limits which the insurer can underwrite under each of the classes of insurance business listed in (a) above; (c) details of shareholdings of the insurer including corporate shareholder if any;(see Table 6 below) (d) a statement of any links with a Tanzania registered insurance broker as defined under section 18 of the Act; (e) the names, physical and postal addresses and all other business interests of each Director and of the Principal Officer; (f) the business and insurance experience, professional qualifications and age of each working controller, manager, director and partner; (g) the proposed policies of the Company in respect of– (i) underwriting; (ii) claims handling; (iii) complaint handling; (iv) consumer protection (v) risk selection and Management; (vi) premium rating; (vii) (viii) investment of insurance funds; transfer pricing; (ix) Anti Money Laundering and Counter Financing of Terrorism; (x) limitation of growth of gross and net premium income; (xi) treaty and facultative reinsurance placement; (xii) control of management expenses. (xiii) Information and Communication Technology; (xiv) Marketing Strategy; (xv) Human resource and (xvi) succession plan (xvii) corporate social responsibility (xviii) financial procedures (h) Copies of the following documents are attached to this application: 6 GN NO. 759 (Contd) Insurance (Amendment) Regulations (1) The Memorandum and Articles of Association of the company; (2) The Memorandum and Articles of Association of corporate shareholders, if any; (3) Share certificates issued to shareholders (4) Proof of citizenship of company directors (5) Attested declaration of solvency and non-conviction in criminal offences of company Directors, Principal Officers and Key management personnel; (see attached Table 3 and Table 4 below) (6) Details of Authorized Share Capital as per Table 7A (7) Details of Paid-Up Share Capital as per Table 7B (8) Evidence of maintenance of Paid-Up share capital; (9) Brokers and Agency and underwriting binder agreements; (10) Insurance Agent's identity card; (11) Management Agreements; (12) Policy forms and standard endorsement wordings of all insurance policies to be issued by the insurer (13) proposed rates of premium to be charged on each and every class of insurance business (14) Treaty reinsurances ceded outwards report; (15) Treaty reinsurances underwritten inwards report; (16) Summary of the reinsurance structure for year as per Table no. 1 below; (17) Reinsurance Forms no I to VIII (duly completed) (18) Last Audited Accounts, as amended by the provisions of the Act and of these regulations; (19) Business plan and Budget; (20) Organization structure; (21) Particulars of company bankers; (22) Full details of company auditors; including appointment letter if any. (see attached Table 5 below) (23) Full details of company legal advisor; including appointment letter if any (see attached Table 5 below) (24) Full details of company actuaries; including appointment letter if any. (see attached Table 5 below) (25) A certificate from the bank of Tanzania specifying the amount and details of deposits made by the applicant under Insurance Regulation 20. (26) Statement of Solvency (27) Statement of Admissible Assets of the Fifth Schedule to these regulations. (28) Actuarial Investigation report (including Product Pricing, Claim experience, Expense analysis and Reserving) (29) In respect of an application to register as an insurer transacting long term insurance business the following additional documentation, information and declarations are forwarded herewith: (a) Information required under section 85 of the Act regarding; (i) (ii) (iii) tables and statements of rates of premiums; benefits including paid-up and surrender values; a report from the actuary that the tables and statements are actuarial sound. (b) a list of the statutory life insurance funds proposed to be issued under section 90 of the Act; (c) a formal written request to the Commissioner, if required under section 85(3)(b) and (4) of the Act; and 7 GN NO. 759 (Contd) Insurance (Amendment) Regulations (d) Form 6 (Actuary's Abstract) of the First Schedule to these regulations. (30) Proof of Payment of Application form, Annual fee and Registration fee (where appropriate). I/We enclose a proof of payment made payable to the Commissioner of Insurance for Tanzanian Shillings ten million (10,000,000/=) being the registration fee. In the event of this application to register an insurer being unsuccessful, we understand that this fee shall not be refunded. Yours faithfully, (Authorised Signature) .......................................................................... General Notes: (a) Where an answer of documentation requested above is not known or available it is essential that this be brought to the attention of, and explained to, the Commissioner. Any application not fully completed will be returned to the applicant. (b) Prospective applicants need not establish a company in Tanzania before entering into discussions with the Commissioner on registration requirements. The policy of the Tanzania Government is to encourage the development of the domestic insurance industry and prospective applicants are invited to hold informal discussions with the Commissioner prior to formal application. (c) declaration of directors, officers and significant owners of the insurer indicating that they meet the requirements of Section 18 of the Act. Specific Notes
Section 11Verify source
§ 1The full registered name of the company is to be givenProvision

The company must give its full registered name.

1. The full registered name of the company is to be given.
Section 1Verify source
§ 2This must be the physical address of the registered office of a company registered inProvision

The provision says this must be the physical address of the registered office of a company registered under the Companies Act or another law in the United Republic.

2. This must be the physical address of the registered office of a company registered in terms of the Companies Act, or any other law in the United Republic.
Section 2Verify source
§ 3This must both the physical and postal address in TanzaniaProvision

The provision says a physical and postal address in Tanzania must be used or provided, but it does not clearly identify who the rule applies to.

3. This must both the physical and postal address in Tanzania.
Section 3Verify source
§ 4This can be manager, controller, chief executive or principal officer with theProvision

The provision says a company’s manager, controller, chief executive, or principal officer can be the person with executive power over the company’s policy or day-to-day activities.

4. This can be manager, controller, chief executive or principal officer with the executive power to control the policy or day to day activities of the Company.
Section 4Verify source
§ 5The Principal Officer is defined under the Act as “the person for the time beingProvision

This provision defines “Principal Officer” as the person responsible for daily management of the principal office in Tanzania for an insurer or broker.

5. The Principal Officer is defined under the Act as “the person for the time being responsible for the daily management of the principal office in Tanzania, of the insurer or broker.”
Section 5Verify source
§ 6Where an Auditor is not resident in Tanzania full explanation is required, and theProvision

If an auditor is not resident in Tanzania, a full explanation is required.

6. Where an Auditor is not resident in Tanzania full explanation is required, and the experience and knowledge of the auditor in handling company accounts in Tanzania should be included.
Section 6Verify source
§ 7This must be both the physical and postal addresses and must state the countryProvision

The entry must include both the physical and postal addresses and state the country.

7. This must be both the physical and postal addresses and must state the country.
Section 7Verify source
§ 8Where the actuary is not an independent consultant to the company, a fullProvision

If the actuary is not an independent consultant to the company, a full explanation should be included.

8. Where the actuary is not an independent consultant to the company, a full explanation should be included.
Section 8Verify source
§ 9Where the issued share capital of the insurer is not fully paid – up a full explanationProvision

If an insurer’s issued share capital is not fully paid-up, it must provide a full explanation.

9. Where the issued share capital of the insurer is not fully paid – up a full explanation is to be provided.
Section 9Verify source
§ 10Where the current financial period in question is in respect of a period lesser orProvision

If the financial period is shorter or longer than one year, its dates should be stated.

10. Where the current financial period in question is in respect of a period lesser or greater than one year the dates of the period should be stated.
Section 10Verify source
§ 11Net retention limits together with treaty capacity indicate the local underwritingProvision

Net retention limits and treaty capacity are used to indicate local underwriting capacity before facultative placements, and net retention limits per risk compared with unencumbered capital also indicate the insurer’s underwriting policy.

11. Net retention limits together with treaty capacity indicate the local underwriting capacity before recourse to facultative placements. Net retention limits per risk when compared with unencumbered capital also indicates the underwriting policy of the insurer.
Section 11Verify source
§ 12The Commissioner is required to satisfy himself of the business and insuranceAmendment

The Commissioner must satisfy himself that the management has business and insurance knowledge.

12. The Commissioner is required to satisfy himself of the business and insurance knowledge of the management under the provisions of section 51 of the Act. 8 GN NO. 759 (Contd) Insurance (Amendment) Regulations
Section 12Verify source
§ 13the nature of legislation is to encourage conservative management policies so as toProvision

An applicant must provide management policy guidelines that reassure the commissioner that policy-holders’ interests are kept foremost.

13. the nature of legislation is to encourage conservative management policies so as to ensure that policy-holders are not endangered by dangerous or unsound insurance practices. This question requires an applicant to provide such management policy guidelines as will assure the commissioner that Tanzania policy-holders interests are foremost in mind of the management.
Section 13Verify source
§ 14Strike out any item that is not applicable or is not suppliedProvision

Remove any item that does not apply or has not been provided.

14. Strike out any item that is not applicable or is not supplied.
Section 14Verify source
§ 15The payment of the registration fee is in respect of the application to register as anProvision

The registration fee is paid for an insurer registration application, is not refunded if the application is rejected for reasons other than insufficient information or documents, and includes the first year’s annual registration fee on completion of registration.

15. The payment of the registration fee is in respect of the application to register as an insurer. In the event that such application is rejected (other than because of insufficient information or documentation) the fee will not be refunded to the applicant. Upon completion or registration, the fee so paid will also include the first year’s annual registration fee.
Section 15Verify source
§ 16The application should be signed by the Principal Officer, but may be signed by aAmendment

The application should be signed by the Principal Officer, and it may also be signed by a director of the Company.

16. The application should be signed by the Principal Officer, but may be signed by a director of the Company. 9 GN NO. 759 (Contd) Insurance (Amendment) Regulations Table 1: REINSURANCE STRUCTURE FOR THE YEAR S/No . Name of Reinsurer/ Reassurer Clas s of Busi ness Net rete ntio n (TZ S Milli on) Type of Treaty* Quot a shar e (TZ S Milli on) Surp lus (TZ S Milli on) Gros s rete ntio n (TZ S Milli on) Exce ss of Loss (TZ S Milli on) Und erwr iting Cap acity (TZ S Milli on) Net rete ntio n as % of capit al and reser ves *Specify in case of any other type of treaty arrangement and give your detailed narration on the separate sheet. S e x Nati onali ty Dat e of Bir th S / N Na me of Em ploy ee Desig natio n/ Title De par tm ent Date of First Appoi ntmen t Educational Background Acade mic Qualifi cations Profess ional Qualifi cation Average number of years of experien ce in Insuranc e Market (Tanzani a/ elsewher e) 1 10 Insurance (Amendment) Regulations GN NO. 759 (Contd) 2 Table 3: PARTICULARS OF BOARD OF DIRECTORS R E SI D E N TI A L A D D R E S S OC CUP ATI ON F U L L N A M E S/ N CITIZ ENSHI P D A T E O F A P P O I N T M E N T COURT CONVIC TION NO. OF INTEREST IN ANY MEMBER OF SHA ES HEL D (SE E NO TE 1 BEL OW) (SEE NOTE 2 BELOW) (a ) (b ) ( c ) INSURANCE INDUSTRY N a t u N a m e Details of 11 GN NO. 759 (Contd) Insurance (Amendment) Regulations r e o f B u s i n e s s Interest 1 2 3 4 5 6 7 8 9 10 PRINCIPAL OFFICER DATE: …………………………………… (NAME & SIGNATURE) ………………………………………………………………………………. Note: 1. If the Shareholding consists of two or more types of shares, details should be given separately of the type, number and total paid-up values of each type of shares. If additional shares are held in the names of any relatives (who are not directors themselves) of the Director, particulars of the same should be given separately.
Section 16Verify source
§ 2Has there been in theAmendment

The form asks whether any director has previously been convicted of fraud or dishonesty, adjudicated bankrupt or insolvent, or found of unsound mind, and requires YES or NO plus separate full details if YES.

2. Has there been in the past:- (a) Any conviction of an offence involving fraud or dishonesty? (b) Any adjudication of bankruptcy or Insolvency for any Director? 12 GN NO. 759 (Contd) Insurance (Amendment) Regulations (c) Finding to be of Unsound mind by a Court of competent jurisdiction? Please state YES or NO and if the answer is YES, give full details separately.
Section 2Verify source
§ 3If the space herein is insufficient, pleaseAmendment

This section says to use extra paper if the space is not enough, and to list shareholding details separately where there are different types of shares.

3. If the space herein is insufficient, please use additional paper. Table 4: PARTICULARS OF MANAGEMENT TEAM R E SI D E N TI A L A D D R E S S OC CUP ATI ON F U L L N A M E S/ N CITIZ ENSHI P D A T E O F A P P O I N T M E N T COURT CONVIC TION NO. OF INTEREST IN ANY MEMBER OF SHA ES HEL D (SE E NO TE 1 BEL OW) (SEE NOTE 2 BELOW) (a ) (b ) ( c ) INSURANCE INDUSTRY N a t u N a m e Details of 13 GN NO. 759 (Contd) Insurance (Amendment) Regulations r e o f B u s i n e s s Interest PRINCIPAL OFFICER DATE: …………………………………… (NAME & SIGNATURE) ………………………………………………………………………………. Note: 1. If the Shareholding consists of two or more types of shares, details should be given separately of the type, number and total paid-up values of each type of shares. If additional shares are held in the names of any relatives (who are not directors themselves) of the Director, particulars of the same should be given separately.
Section 3Verify source
§ 2Has there been in theOffence

The form asks whether there has ever been a conviction for fraud or dishonesty, any bankruptcy or insolvency adjudication for a director, or any court finding of unsound mind, and requires YES or NO plus separate full details if YES.

2. Has there been in the past: - (a) Any conviction of an offence involving fraud or dishonesty? (b) Any adjudication of bankruptcy or Insolvency for any Director? (c) Finding to be of Unsound mind by a Court of competent jurisdiction? Please state YES or NO and if the answer is YES, give full details separately.
Section 2Verify source
§ 3If the space herein is insufficient, pleaseAmendment

The text provides form instructions and certificate wording for insurance registration documents, including that a certificate remains valid until cancelled, revoked, or otherwise determined by the Commissioner of Insurance.

3. If the space herein is insufficient, please use additional paper. 14 GN NO. 759 (Contd) Insurance (Amendment) Regulations Table 5: PARTICULARS OF AUDITORS & LEGAL ADVISERS NAME OF FIRM ADDR ESS PROFESSION AL QUALIFICAT ION(S) RECOGNITION BY PROFFESSIONAL BOARD REF. NUMBER/ SINCE WHEN DESC RITIO N AUDIT OR LEGA L ADVIS ER ACTU ARY Table 6: SHAREHOLDING DETAILS AS AT DATE OF FILING AN APPLICATION S/ N Name of Subscriber Number of Authoriz ed Share Am oun t in TZ S Nu mbe r of Issu ed Sha re Am oun t Pai d (TZ S) Am oun t of Issu ed Sha re in TZ Rem arks Perce ntage of Owne rship 15 Insurance (Amendment) Regulations S GN NO. 759 (Contd) Tanzanians SUB TOTAL (Tanzanian) Non-Tanzanians - - - - - SUB TOTAL (Non- Tanzanian) TOTAL - - - - - - - - - - Table 7: SHARE CAPITAL 7A: AUTHORISED CAPITAL SN Type of Shares Number of Shares Amount per Share Total Amount TOTAL 16 GN NO. 759 (Contd) Insurance (Amendment) Regulations 7B: PAID UP CAPITAL SN Type of Shar es Numb er of Share s Amou nt per share TOT AL Holding By Tanzanian Citizens, By Tanzanian Companies, By Tanzanian Partnerships, By The Government Total Numb er of Share s Percentag e of Total Sharehold ing Voting rights Total Amou nt Total Amou nt Total Number of Sharehold ers 17 GN NO. 759 (Contd) Insurance (Amendment) Regulations FORM NO. 2(a) (Made under regulation 5(1)) CERTIFICATE OF REGISTRATION AS AN INSURER I hereby certify that ...................................................................................................................................... ...................................................................................................................................... ……………………………………………………………………………………... has been duly registered to transact in the United Republic of Tanzania the following classes of insurance business: ...................................................................................................................................... ...................................................................................................................................... ...................................................................................................................................... ...................................................................................................................................... ...................................................................................................................................... Dated at …………………………………………………this .............................. day of...........................................20........... Period of validity: This Certificate shall be effective from....................................20............................ and shall remain valid until cancelled, revoked or otherwise determined by the Commissioner of Insurance in accordance with the Act. Signed ................................................... Commissioner of Insurance FORM NO. 2(b) (Made under regulation 5(1)) CERTIFICATE OF REGISTRATION AS AN INSURER I hereby certify that ...................................................................................................................................... ...................................................................................................................................... ……………………………………………………………………………………... has been duly registered to transact in the United Republic of Tanzania the following classes of insurance business: ...................................................................................................................................... ...................................................................................................................................... ...................................................................................................................................... ...................................................................................................................................... ...................................................................................................................................... Dated at ………………………………. this .............................. day of ...........................................20...... 18 GN NO. 759 (Contd) Insurance (Amendment) Regulations Period of validity: This Certificate shall be effective from................................................................20.........................to........................................ ......................20............................. Signed ................................................... Commissioner of Insurance FORM NO. 3(a) (Made under regulation 6(1)) APPLICATION FOR REGISTRATION AS AN INSURANCE BROKER BY THE ……………………………………………………......................................... LIMITED Address of broker ..................................................................................................................................... ..................................................................................................................................... ..................................................................................................................................... ........................................................... Date ………………………………………………………… To, The Commissioner of Insurance, P. O. Box 2987, DODOMA. TANZANIA. of for apply registration Dear Sir/Madame,
Section 3Verify source
§ 1Section 1Provision

A person states that they are an insurance broker resident in Tanzania under section 67.

1. .................................................... I/We ..................................................................... under section 67 as an Insurance Broker resident in Tanzania.
Section 1Verify source
§ 2The registered office of the Company will be atProvision

The Company’s registered office is stated to be at a location that is left blank in the text.

2. The registered office of the Company will be at ................................................ ......................................................................................................................
Section 2Verify source
§ 3The head office of Company will be atProvision

The section says the Company’s head office will be located at a stated place, but the location is not filled in here.

3. The head office of Company will be at ............................................................. ......................................................................................................................
Section 3Verify source
§ 4The person managing the business of the Company will beProvision

The text is incomplete and only refers to the person managing the Company’s business.

4. The person managing the business of the Company will be .............................. ........................................................ ............................................ .....................................................................................................................
Section 4Verify source
§ 5The Principal Officer of the Company isProvision

This provision leaves a blank space for the company’s Principal Officer.

5. The Principal Officer of the Company is ....................................................... .....................................................................................................................
Section 5Verify source
§ 6The Auditors ofAmendment

This provision appears to be a blank or partially completed form about the company’s auditors and addresses, without a clear rule text.

6. The Auditors of the Company are ...................................................................................................................... ................................................................................................... ...................................................................................................................... ................................................................... address .......................................................... ............................................. address address of of of 19 GN NO. 759 (Contd) Insurance (Amendment) Regulations at of be held which Banks Accounts are address will
Section 6Verify source
§ 7Section 7Provision

7. ................................................................................................... ..............................................

7. ................................................................................................... .............................................. ......................................................................................................................
Section 7Verify source
§ 8The broker is a sole proprietorship/partnership/limited liability company (registered inProvision

The broker is described as a sole proprietorship, partnership, or limited liability company registered in Tanzania.

8. The broker is a sole proprietorship/partnership/limited liability company (registered in Tanzania) ............................................................. )
Section 8Verify source
§ 9The paid-up share capital of the Company is ....................... Tanzanian ShillingsProvision

The section states the Company’s paid-up share capital in Tanzanian Shillings.

9. The paid-up share capital of the Company is ....................... Tanzanian Shillings.
Section 9Verify source
§ 10The deposits held by a Bank under the direction of the Commissioner (by Regulation)Provision

A bank’s deposits under the Commissioner’s direction are set in Tanzanian shillings, but the amount is not stated in the text provided.

10. The deposits held by a Bank under the direction of the Commissioner (by Regulation) are ........................ Tanzanian Shillings.
Section 10Verify source
§ 11The month and day of the financial year end isAmendment

An insurance broker application must include the requested information, documents, and proof of payment for the registration fee.

11. The month and day of the financial year end is ............................................ The following information and documentation is attached to this application. (Note: Failure to provide all the information will result in the return of the application by the Commissioner.) Statements showing– (a) All agents with whom the broker holds agency agreements. (b) All insurers with whom the broker holds underwriting "binders" or claim settlement powers. (c) A statement of any links with a Tanzania registered insurer as controlled under section 18 of the Act. (d) A list of all agents (paid principally by commission earnings) employed by the broker. (e) Statements from each controller, director, partner, shareholders and manager declaring whether or not they have been: (i) adjudged insolvent or bankrupt in any country; or (ii) made an assignment to or an arrangement or compensation with creditors which has been rescinded or set aside; or (iii) been convicted by a Court in any country of an offence involving dishonesty. (f) The business and insurance experience, professional qualifications and age of each working controller, manager, director and partner. (g) A list of all branch offices and the names, experience and professional qualifications of the senior officers in charge of each. Copies of the following documents to be attached to this application: 1) The Memorandum and articles of incorporation (or partnership agreements). 2) Management agreements, or service contracts. 3) 4) The last audited accounts (including those of all subsidiary companies). 5) Professional Indemnity (errors and omissions) and Fidelity Guarantee Insurance Insurance Agent's identity card. Policies. 6) Agency, binder and claim settlement agreements. I/We enclose a proof of payment made payable to the Tanzania Government for Tanzanian Shillings two million five hundred thousand (2,500,000/=) being the registration fee. In the event of this application to register as an insurance broker being unsuccessful, we understand that this fee shall not be refunded. Yours faithfully, 20 GN NO. 759 (Contd) Insurance (Amendment) Regulations (Authorised ............................................................................................. Signature) General Notes: (a) Where an answer or documentation requested above is not known or available it is essential that this be brought to the attention of, and explained to, the Commissioner. Any application not fully completed will be returned to the applicant. (b) Prospective applicants need not establish a company in Tanzania before entering into discussions with the Commissioner on registration requirements. The policy of the Tanzania Government is to encourage the development of the domestic insurance industry and prospective applicants are invited to hold informal discussions with the Commissioner prior to formal application. i. policies and procedures adopted by the broker for purposes of information management, ii. business plan including financial projections for a three-year period. iii. Any other relevant information which the Commissioner may require for purposes of processing of application. Specific Notes
Section 11Verify source
§ 1The full registered name of the company is to be given (or the name under which aProvision

The company must give its full registered name; for a sole proprietorship or partnership, it must give the name under which it will operate.

1. The full registered name of the company is to be given (or the name under which a sole proprietorship or partnership will operate.
Section 1Verify source
§ 2This must be both the physical address of the registered office of a companyProvision

The address must be the physical address of a company’s registered office.

2. This must be both the physical address of the registered office of a company registered in terms of the Companies Act, or any other law in the United Republic.
Section 2Verify source
§ 5The Principal Officer is defined under the Act as “the person for the time beingProvision

This section defines “Principal Officer” as the person responsible for daily management in Tanzania for the insurer or broker.

5. The Principal Officer is defined under the Act as “the person for the time being responsible for the daily management of the principal officer in Tanzania, of the insurer or broker.”
Section 5Verify source
§ 6Where an Auditor is not resident in Tanzania full explanation is required, and theProvision

If an auditor is not resident in Tanzania, they must give a full explanation and include their experience and knowledge handling company accounts in Tanzania.

6. Where an Auditor is not resident in Tanzania full explanation is required, and the experience and knowledge of the Auditor in handling company accounts in Tanzania should be included.
Section 6Verify source
§ 8This must be such that the physical and postal locations of the bank(s) are clearlyProvision

The physical and postal locations of the bank(s) must be clearly shown.

8. This must be such that the physical and postal locations of the bank(s) are clearly shown.
Section 8Verify source
§ 10Where the paid-up capital of a company does not have full voting rights a fullAmendment

If a company’s paid-up capital does not have full voting rights, a full explanation must be provided.

10. Where the paid-up capital of a company does not have full voting rights a full explanation is to be provided. 21 GN NO. 759 (Contd) Insurance (Amendment) Regulations
Section 10Verify source
§ 11Where no direction has been given by the Commissioner insert “No directionProvision

If the Commissioner has given no direction, insert “No direction received” for this question.

11. Where no direction has been given by the Commissioner insert “No direction received” to this question.
Section 11Verify source
§ 12Where the current financial period in question is in respect of a period lesser orProvision

If the current financial period is shorter or longer than one year, the period dates should be stated.

12. Where the current financial period in question is in respect of a period lesser or greater than one year the dates of the period should be stated.
Section 12Verify source
§ 13A broker should be in possession of an agency agreement detailing the full termsProvision
13. A broker should be in possession of an agency agreement detailing the full terms and conditions of agency. Where there is no written agreement the applicant should provide a statement detailing his understanding of the terms under which business is carried out between the parties.
Section 13Verify source
§ 14The Commissioner is required to satisfy himself of the business and insuranceProvision

The Commissioner must satisfy himself that the management has business and insurance knowledge.

14. The Commissioner is required to satisfy himself of the business and insurance knowledge of the management under the provisions of section 51 of the Act.
Section 14Verify source
§ 15The indemnity required in terms of section 70 of the Act is sufficiently wide toProvision

Applicants should show that their insurance fully covers the liability of the broker under section 70(1).

15. The indemnity required in terms of section 70 of the Act is sufficiently wide to encompass facets of professional indemnity as well as fidelity insurance cover. Applicants should demonstrate that insurance held fully meet the liability of a broker specified in section 70 (1) of the Act.
Section 15Verify source
§ 16The payment of the registration fee is in respect of the application to register as aProvision

The registration fee is paid for an application to register as a broker.

16. The payment of the registration fee is in respect of the application to register as a broker. In the event that such application is rejected (other than because of insufficient information or documentation of registration the fee so paid will also include the first year’s annual registration fee.
Section 16Verify source
§ 17The application should be signed by the Principal Officer, but may be signed by aAmendment

The application should be signed by the Principal Officer, and it may also be signed by a Director of the company.

17. The application should be signed by the Principal Officer, but may be signed by a Director of the company. FORM No. 3(b) (Made under regulation 6(1) and (2)) APPLICATION FOR REGISTRATION AS AN INSURANCE AGENT/LOSS ADJUSTER/INSURANCE SURVEYOR/INSURANCE ASSESSOR /RISK MANAGER/CLAIM SETTLING AGENT/PRIVATE INVESTIGATOR/ACTUARY BY THE..........................................................………………………………………………… …LIMITED Address of a Company/Firm ..................................................................................................................................... ..................................................................................................................................... ..................................................................................................................................... Date........................................................... To, The Commissioner of Insurance, 22 Insurance (Amendment) Regulations GN NO. 759 (Contd) Tanzania Insurance Regulatory Authority, P. O. Box 2987, DODOMA. TANZANIA. Dear Sir/Madame,
Section 17Verify source
§ 1Section 1Provision

This provision is an application to register as certain insurance-related professionals in Tanzania.

1. apply I/We ....................................................................................................................... ..................................................................... under section ……... of the Insurance Act, 2009 as an insurance agent/loss adjuster/insurance surveyor/insurance assessor /risk manager/claim settling agent/private investigator/actuary resident in Tanzania. registration for of
Section 1Verify source
§ 2TheProvision

The Company’s registered office will be at the stated location, which is left blank here.

2. The registered office of the Company will be at .............................. ......................................................................................................................
Section 2Verify source
§ 3The head office of Company will be atProvision

This section states that the Company’s head office will be at a specified location, but the location is left blank in the text.

3. The head office of Company will be at ............................................................ ......................................................................................................................
Section 3Verify source
§ 4TheProvision

The text appears to refer to the person managing the company and its business address, but the provision is incomplete and unclear.

4. The the person managing ........................................................ ..................................................................................................................... be ............................................ the Company will of address business of
Section 4Verify source
§ 5The Principal Officer of the Company isProvision

This section is a blank form for entering the Company’s Principal Officer and address details.

5. The Principal Officer of the Company is .......................................................... ............................................. of ....................................................... ..................................................................................................................... address
Section 5Verify source
§ 6TheProvision

The provision appears to describe the business form for certain insurance and related service roles, but the text is fragmentary.

6. The /risk insurance agent/loss adjuster/insurance surveyor/insurance assessor manager/claim settling agent/private investigator/actuary is a sole proprietorship/ partnership/ Tanzania). limited ............................................................). (registered company liability in
Section 6Verify source
§ 7The paid-up share capital of the Company is....................... Tanzanian shillingsProvision

The section states the Company’s paid-up share capital in Tanzanian shillings, but the amount is left blank in the text.

7. The paid-up share capital of the Company is....................... Tanzanian shillings.
Section 7Verify source
§ 8The deposits held by a Bank under the direction of the Commissioner (byProvision

A Bank’s deposits under the Commissioner’s direction are stated in Tanzanian Shillings, but the amount is not given in this excerpt.

8. The deposits held by a Bank under the direction of the Commissioner (by Regulation) are........................ Tanzanian Shillings
Section 8Verify source
§ 9The month and day of the financial year end isAmendment

This section lists documents to attach to an application and sets the registration fee for agents, with a warning that missing information can lead to the application being returned by the Commissioner.

9. The month and day of the financial year end is............................................ The following information and documentation is attached to this application. (Note: Failure to provide all the information will result in the return of the application by the Commissioner.) Statements showing- (a) Insurer/insurers whom the agent will work on behalf; (b) A statement of any links with a Tanzania registered insurer or broker as controlled under section 18 of the Act; (c) Statements from each controller, director, partner shareholders and manager declaring whether or not they have been: (i) adjudged insolvent or bankrupt in any county; or (ii) made an assignment to or an arrangement or compensation with creditors which has been rescinded or set aside; or 23 GN NO. 759 (Contd) Insurance (Amendment) Regulations (iii) been convicted by a Court in any country of an offence involving dishonesty. (d) The business and insurance experience, professional qualifications and age of each working controller, manager, director and partner. Copies of the following documents to be attached to this application: (1) The Memorandum and articles of incorporation (or partnership agreements)/extract from register. (2) Agency agreement (3) (4) Professional Indemnity (errors and omissions) Registration of Business name. I/We enclose a proof of payment made payable to the Tanzania Government for Tanzanian Shillings five hundred thousand (500,000/=) for Agents dealing with a single Principal and Tanzanian Shillings One Million (1000,000) for Agents dealing with more than one Principal /loss assessors/insurance surveyor/loss Assessor being the registration fee. In insurance agent/loss adjuster/insurance surveyor/insurance assessor /risk manager/claim settling agent/private investigator/actuary being unsuccessful we understand that this fee shall not be refunded Yours faithfully, (Authorised Signature) ....................................................................... to register as an this application the event of Specific Notes
Section 9Verify source
§ 1The full registered name of the company is to be given (or the name under whichProvision

The company name, or the operating name for a sole proprietorship or partnership, must be given.

1. The full registered name of the company is to be given (or the name under which a sole proprietorship or partnership will operate.
Section 1Verify source
§ 3Section 3Provision

The text appears to require both a physical and a postal address in Tanzania, but the sentence is incomplete.

3. This must both the physical and postal address in Tanzania.
Section 3Verify source
§ 5Section 5Provision

The provision says the relevant person may be a manager, controller, chief executive, or principal officer with executive power over the company, and the bank’s physical and postal locations must be clearly shown.

5. This can be manager, controller, chief executive or principal officer with the executive power to control the policy or day to day activities of the Company. This must be such that the physical and postal locations of the bank(s) are clearly shown.
Section 5Verify source
§ 8Section 8Amendment

If a company’s paid-up capital does not have full voting rights, it must provide a full explanation.

8. Where the paid-up capital of a company does not have full voting rights a full explanation is to be provided. Where no direction has been given by the Commissioner insert “No direction received” to this question. 24 GN NO. 759 (Contd) Insurance (Amendment) Regulations
Section 8Verify source
§ 9Section 9Provision

If the current financial period is shorter or longer than one year, the dates of that period should be stated.

9. Where the current financial period in question is in respect of a period lesser or greater than one year the dates of the period should be stated.
Section 9Verify source
§ 10An agent should be in possession of an agency agreement detailing the fullProvision

An agent should have an agency agreement that sets out the full terms and conditions of agency; if there is no written agreement, the applicant should provide a statement of their understanding of the business terms.

10. An agent should be in possession of an agency agreement detailing the full terms and conditions of agency. Where there is no written agreement the applicant should provide a statement detailing his understanding of the terms under which business is carried out between the parties.
Section 10Verify source
§ 11The Commissioner is required to satisfy himself of the business and insuranceProvision

The Commissioner must satisfy himself about the management’s business and insurance knowledge.

11. The Commissioner is required to satisfy himself of the business and insurance knowledge of the management under the provisions of section 51 of the Act.
Section 11Verify source
§ 12The indemnity required in terms of section 70 of the Act is sufficiently wide toProvision

The provision says the section 70 indemnity is broad enough to include professional indemnity and fidelity insurance cover.

12. The indemnity required in terms of section 70 of the Act is sufficiently wide to encompass facets of professional indemnity as well as fidelity insurance cover. Applicants should demonstrate that insurance held fully meet the liability of ……………………. specified in section 70(1) of the Act.
Section 12Verify source
§ 13The payment of the registration fee is in respect of the application to register asProvision

The registration fee is paid for an application to register as an insurance agent, loss adjuster, insurance surveyor, insurance assessor, risk manager, claim settling agent, private investigator, or actuary.

13. The payment of the registration fee is in respect of the application to register as an insurance agent/loss adjuster/insurance surveyor/insurance assessor /risk manager/claim settling agent/private investigator/actuary. In the event that such application is rejected (other than because of insufficient information or documentation of registration the fee so paid will also include the first year’s annual registration fee.
Section 13Verify source
§ 14The application should be signed by the Principal Officer, but may be signed byAmendment

An application should be signed by the Principal Officer, but it may instead be signed by a company Director.

14. The application should be signed by the Principal Officer, but may be signed by a Director of the company. FORM No. 4 (Made under regulation 7(5)) CERTIFICATE OF REGISTRATION AS AN INSURANCE BROKER I hereby certify that ....................................................................................................... ........................................................................................................................................ ......................................................................................................................................... has been duly registered to carry out the business of an Insurance Broker in the United Republic of Tanzania. Dated at……………………………………………..this…............. day of ........................................... 20…....... Period of validity: This Certificate shall be Valid from ......................day of………................20................. to ...................day of……………………………….......... 20........ Signed ...................................................... 25 Insurance (Amendment) Regulations GN NO. 759 (Contd) Commissioner of Insurance FORM No. 5 (Made under regulation 7(6)) CERTIFICATE OF REGISTRATION AS INSURANCE AGENT/LOSS ADJUSTER/INSURANCE SURVEYOR/INSURANCE ASSESSOR /RISK MANAGER/CLAIM SETTLING AGENT/PRIVATE INVESTIGATOR/ACTUARY I hereby certify that. ………………………………………………...……………………………………………. .. has been duly registered to carry out the business of an Insurance ………………………………………………………………………………………… in the United Republic of Tanzania. Dated this………day of…………………………..20.…………………….. in …………………………….. Period of Validity: This Certificate shall be Valid from…………day of………………….………20.……. to……………day of…..………………………………...……...20.…… Signed ………………………………………….. Commissioner of Insurance” Dodoma, 14th Octoer, 2023 MWIGULU LAMECK NCHEMBA MADELU Minister for Finance 26
Section 14Verify source

Legislative relationships

12 referenced instruments

Names are derived from the stored provision headings and citation-enrichment layer. Treat this as a research index and verify each relationship against the source text.

A–F

5 instruments

  • Act. 8 GN NO. 759 (Contd) Insurance (Amendment) Regulations

    Section 12

  • and replacement of regulation

    Section 18

  • Commissioner (by Regulation

    Sections 8, 10

  • Companies Act

    Section 2

  • Company. 9 GN NO. 759 (Contd) Insurance (Amendment) Regulations

    Section 16

G–M

2 instruments

  • Insurance Act, 2009

    Section 1

  • Issu ed Sha re in TZ Rem arks Perce ntage of Owne rship 15 Insurance (Amendment) Regulations

    Section 3

N–S

3 instruments

  • principal Regulations

    Sections 3, 9

  • regulation 18 by deleting subregulation (5) and renumbering subregulations 6 and 7. 6. The principal Regulations

    Section 6

  • regulation 33 of the principal Regulations

    Section 8

T–Z

2 instruments

  • Tanzania specifying the amount and details of deposits made by the applicant under Insurance Regulation

    Section 11

  • Tanzania to manage and certify the arrangement. 7. The principal Regulations

    Section 7

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