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Requirements for licensing insurance broker in Tanzania

Requirements for licensing insurance broker in Tanzania This Article Contain Requirements ,and Registration form of Application of Becoming an Insurance Broker in Tanzania by TIRA (Tanzania Insurance Regulatory Authority).

Table of Contents

TIRA Check Requirement to Register Or Open an Insurance Broker in Tanzania

REQUIREMENTS FOR REGISTRATION AS AN INSURANCE BROKER IN TANZANIA

1. Completed Application form together with nonrefundable application fees of Tshs.
25,000/=
2. Copies of Memorandum and Articles of Association.
3. Payment of Registration and Annual fees of Tshs.2, 500,000/= and 750,000/=
respectively.
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. Professional Indemnity Insurance Cover with Sum Insured of Tshs. 100,000,000/=
(Minimum)
7. Fidelity Guarantee Insurance Cover with Sum Insured of Tshs.50,000,000/= (Minimum)
8. Proof/Evidence of Minimum paid up share capital of Tshs. 15,900,000.M/=, in case of
foreign investors, evidence of actual remittance of fund in Tanzania must be provided and
at least two third of the shares should be owned by Tanzanians.
9. Particulars of Principal Officer.

Updated CV
 Professional certificates (Minimum advanced diploma in Insurance and
experience of at least three years in insurance business.
 Employment contract
 Declaration statements on solvency and good character
 Birth certificate/affidavit, in case of foreigner a copy of passport, work permit
need to be submitted.
 Two passport size photographs of the principal officer

10.Particulars of Board Members of the Company. Your Board must have at least three
members.
 Updated CV
 Copy of passport/Birth Certificate/Affidavit.
 Declaration statements on solvency and good character
 Work permit and copy of passports must be submitted. (In case of foreigners

11.Particulars of Senior Management Staff.(same as item No.10)
12. Attested declaration on solvency and non conviction in criminal offences of Members
under 9, 10 and 11 above.
13. Valid Trading/Business license
14. Details of financial interest in other Insurance Companies, Broking firm (s) and Agencies
15. Full details of Company Auditors.
16. Particulars of your Bankers.
17. Full details of legal advisors
18. 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:
i. Balance sheet

ii. Revenue Account
iii. Loss and Profit Account
iv. Cash flow statement
19. Organization and Administrative Structure of the Company.
20. Physical address of your offices in Tanzania
21. Copy of share Certificates issued to your shareholders
22. Copy of passport for all company directors.
23. Copy of passports/birth affidavits for the company directors