Tanzania: Nchemba Proposes Permanent License for Insurance Firms

MINISTER of Finance and Planning, Dr. Mwigulu Nchemba said Thursday the government will suspend provision of annual license to best performing insurance companies and grant a three-year operating license to underperforming firms.

"I propose to change the current system of insurance companies to apply for a new license every year and instead the best performing companies should be granted permanent license and companies not performing well should be observed by being granted a three-year license," he announced in the National Assembly in Dodoma. He said after the grace period the companies will also be granted permanent license.

Minister Nchemba added that the new system will help eliminate trouble of business people searching for new licenses each year instead of focusing on work.

"The aim is to respect the president's statement of creating a better environment for business people and attract more investment," he added.

However, he said that other monitoring procedures and annual payments will continue as usual.

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