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.
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