Tanzania: TIRA Clamps Down Reinsurance Loose Ends

TANZANIA has to cough up some 300bn/- to reinsure entities abroad while retaining just 400bn/- annually. In cutting down the figure and boost the retention ratio, the Tanzania Insurance Regulatory Authority (TIRA) has issued Circular No. 55/2017 effective first day of January, next year (01-01-2018), setting out conditions for dealing with foreign reinsurers and brokers.

Addressing reporters at TIRA premises in Dar es Salaam yesterday, Commissioner of Insurance, Dr Baghayo Saqware said the circular was in response to market challenges originating from externalisation of insurance business outside the country through reinsurance.

...

AllAfrica publishes around 400 reports a day from more than 100 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.