The Insurance Act

1. A member of the Board shall hold office for a period of three years on such terms and conditions as may be specified in the instrument of appointment and may be eligible for re-appointment for one more term. Vacation of office

2. A member may- Meetings (a) at any time resign from office by notice in writing to the Minister; or (b) be removed from office by the Minister if the member- (i) has been absent from three consecutive meetings of the Board without permission from the Chairman; (ii) is adjudged bankrupt or enters into a composition scheme or arrangement with his creditors; (iii) is convicted of an offence involving dishonesty, fraud or moral turpitude; (iv) is convicted of a criminal offence and sentenced to imprisonment for a term exceeding six months; (v) is incapacitated by prolonged physical or mental illness; or (vi) is otherwise unable to perform his functions.

3.–(1) The Board shall meet not less than four times in every financial year and not more than four months shall elapse between the date of one meeting and the date of the next meeting. (2) The quorum for the conduct of the business of the Board shall be half of the total number of members. (3) The Chairman shall preside at every meeting of the Board, and in his absence, members present shall elect one among them to be the Chairman. (4) Unless a unanimous decision is reached, a decision on any matter before the Board shall be by a majority of votes of the members present and in the case of an equality of votes, the Chairman or the person presiding shall have a casting vote. (5) Subject to paragraph (3), proceedings of the Board shall not be invalid by reason only of a vacancy among the members of the Board. (6) Subject to subparagraph (2), the Board may determine its own procedure and for the attendance of any other person at its meetings. Common seal

4.–(1) The affixing of the common seal of the Board shall be authenticated by the signatures of the Secretary and the Chairman and any document required by law to be made under seal. 338 ©2025 Government of Tanzania. All rights reserved. No part of this book may be reproduced or distributed without permission of OAG. THE INSURANCE ACT [CAP. 394 R.E. 2023] (2) The decisions of the Board may be authenticated by the signatures of the Secretary and the Chairman. Contracts and instruments

5. A contract or instrument which, if entered into or executed by a person not being a body corporate, would not require to be under seal, may be entered into or executed on behalf of the Board by any person generally or specially authorised by the Board for that purpose. Minutes

6. The Board shall cause minutes of all proceedings of meetings of the Board to be entered in books kept for that purpose. SECOND SCHEDULE (Made under section 51(1)) CATEGORIES OF INSURANCE BUSINESS PART A LONG TERM BUSINESS Number Description Nature of Business Life and annuity Effecting and carrying out contracts of insurance I II III Marriage and birth Linked long term IV Permanent health on human life or contracts to pay annuities of human life, but excluding (in each case) contracts within Class III below Effecting and carrying out contracts of insurance to provide a sum on marriage or on the birth of a child, being contracts expressed to be in effect for a period of more than one year. Effecting and carrying out contract of insurance on human life or contracts to pay annuities on human life, where the benefits are wholly or partly to be determined by referenced to the value of or the income from property of any description (whether or not specified in the contracts) or by reference to fluctuations in, or in an index of, the value of property and any description (whether or not so specified). Effecting and carrying out contracts of insurance providing specified benefits against risks of persons, becoming incapacitated in consequence of sustaining injury as a result of an accident or of an accident of a specified class or of sickness or indemnity, being contracts that- 339 ©2025 Government of Tanzania. All rights reserved. No part of this book may be reproduced or distributed without permission of OAG. THE INSURANCE ACT [CAP. 394 R.E. 2023] V VI VII (a)are expressed to be in effect for a period of not less than five years, or until the normal retirement age for he persons concerned, or without limit of time; and (b)either are not expressed to be terminable by the insurer, or are expressed to be so terminable only in special circumstances mentioned in the contract. Tontines Effecting and carrying out tontines. Capital redemption Effecting and carrying out of- Deposit administration schemes and pension funds (a)capital redemption; or (b)pure endowment and deferred annuity defined in any law for the establishment and registration of retirement funds in Tanzania. Effecting and carrying out - (a)contracts to groups to maintain and manage deposit administration polices; or (b)contracts of the kind mentioned in paragraphs (a),that are combined with contracts of insurance covering either conservation of capital or payment of a minimum interest. PART B GENERAL BUSINESS Number Description Nature of Business 1 Accident Effecting and carrying out contracts of insurance and providing fixed pecuniary benefits or benefits in the nature of indemnity (or a combination of both) against risks of the person insured- (a)sustaining injury as the result of an accident or of accident of a specified class; (b)dying as the result of an accident or of an accident of a specified class; or , (c)becoming incapacitated in consequence of disease or of disease of a specified class, inclusive of contracts relating to industrial injury and occupational disease but exclusive of contracts falling within Class 2 below or within class IV in the First Schedule to this Act (permanent health). 340 ©2025 Government of Tanzania. All rights reserved. No part of this book may be reproduced or distributed without permission of OAG. THE INSURANCE ACT [CAP. 394 R.E. 2023] 2 3 4 5 6 7 8 9 10 11 12 Sickness Effecting and carrying out contracts or insurance providing fixed pecuniary benefits or benefits in the nature of indemnity (or a combination of the two) against risks of loss to the persons insured attributable to sickness or infirmity but exclusive of contracts falling within Class IV in the First Schedule to this Act. Land vehicles Effecting and carrying out contracts or insurance against loss of or damage to vehicles used on land, including motor vehicles, but excluding railway rolling stock. Railway rolling Aircraft Ships Good transit Fire and natural forces Damage of property Motor vehicle liability Aircraft liability Liability for ships Effecting and carrying out stock contracts of insurance against loss of or damage to a railway rolling stock. Effecting and carrying out contracts of insurance upon aircraft or upon the machinery, tackle, furniture or equipment of aircraft. Effecting and carrying out contracts of insurance upon vessels used on the sea or inland water, or upon the machinery, tackle, furniture or equipment of such vessels. Effecting and carrying out contracts of insurance against loss of or damage to merchandise, baggage and all other good in transit, irrespective of the form of transport. Effecting and carrying out contracts of insurance against loss of or damage to property (other than property to which Classes 3 to 7 above relate) due to fire, explosion, storm, natural forces other than storm, nuclear energy or land subsidence. Effecting and carrying out contracts of insurance against loss of or damage to property (other than property to which Classes 3 to 7 above relate) due to hail or frost or to any event (such as theft) other than those mentioned in Class 8 above. Effecting and carrying out contracts of insurance against damage arising out of or in connection with use of motor vehicles on land, including third party risks and carrier's liability. Effecting and carrying out contracts of insurance against damage arising out of or in connection with the use of aircraft including third party risks and carrier's liability. Effecting and carrying out contracts of insurance against damage arising out of or in connection with the use of vessels in the sea or an inland water, including third party risks and carrier's liability. 341 ©2025 Government of Tanzania. All rights reserved. No part of this book may be reproduced or distributed without permission of OAG. THE INSURANCE ACT [CAP. 394 R.E. 2023] 13 General liability 14 Credit Effecting and carrying out contracts of insurance against risks of the persons insured incurring liabilities to third parties, the risks in question not being risks to which Class 10, 11 or 12 above relates. Effecting and carrying out contracts of insurance against risks of loss to the persons insured arising from the insolvency of debtors of theirs or from the failure (otherwise than through insolvency) of debtors of theirs to pay their debts when due. 15 Surety ship Effecting and carrying out - (a)contracts of insurance against risks of loss to the persons insured arising from their having to perform contracts of guarantee entered into by them; (b)contracts for fidelity bonds, performance bonds, administration bonds, bail bonds, custom bonds or similar contracts of guarantee. 16 Miscellaneous Effecting and carrying out contracts of financial loss insurance against any of the following risks namely - (a)risks of loss to the persons insured attributed to interruptions of the carrying on business carried on by them as to reduction of the scope of business so carried on; (b)risks of loss to the persons insured attributable to their incurring unforeseen expense; and (c)risks neither falling within paragraph (a) or (b) above nor being of a kind such that the carrying on of the business of effecting and carrying out contracts of insurance against them constitutes the carrying on of insurance business of some other class. Effecting and carrying out of contracts of insurance against risks of loss to the persons insured attributable to their incurring legal expenses (including costs of litigation). Assistance for persons who get into difficulties while traveling, while away from home or while away from their permanent residence 17 Legal expenses 18 Assistance 342 ©2025 Government of Tanzania. All rights reserved. No part of this book may be reproduced or distributed without permission of OAG.