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United Republic of Tanzania  
 
  • Mwl. Julius K. Nyerere
  • Mh. Amani Abeid Karume
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GOVERNMENT OFFICE RESPONSIBLE
Tanzania Insurance Reguratory Authority - TIRA

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REQUIREMENTS FOR LICENSING INSURANCE COMPANIES UNDER INSURANCE ACT NO. 10 OF 2009 

  1. Completed Application form together with nonrefundable application fees of Tzs. 25,000.00.
  2. Copies of Memorandum and Articles of Association
  3. Payment of Registration fee Tzs.10.000,000.00 and Annual fee of 2,500,000.00.
  4. Copy of the Certificate of incorporation of the Company in Tanzania/Certificate of registration.
  5. Copies of Memorandum and Articles of Association of Corporate shareholders, if any.
  6. Proof/Evidence of Minimum paid up share capital as per schedule of shares subscription (In case of foreign investors, evidence of actual remittance of funds in Tanzania must be provided and at least one third of shares be owned by Tanzanians) Meanwhile, the amount of paid up capital will be increasing as shown click here to view :
  7. Particulars of Principal Officer
  8. Particulars of Board Members of the Company. Your Board must have at least five members.
  9. Particulars of Senior Management Staff. (same as item No.10)
  10. Attested declaration on solvency and non-conviction in criminal offences of Members under 6, 7 and 8 above.
  11. Valid Trading/Business license.
  12. Details of financial interest in other Insurance Companies, Broking firm (s) and Agencies.
  13. Full details of Company Auditors.
  14. Particulars of your Bankers.
  15. Full details of legal advisors.
  16. Three to five years Business Plan of the Company to include among other things, Company profile,

Strategies, SWOT analysis, and the following Projected Financial statements:

  • Balance sheet
  • Revenue Account
  • Loss and Profit Account
  • Cash flow statement

 

Source: Government Portal Content Team, Last Reviewed on: 28-01-2016
 
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