UNITED REPUBLIC OF TANZANIA - PDF document

1 UNITED REPUBLIC OF TANZANIA TANZANIA I
UNITED REPUBLIC OF TANZANIA TANZANIA INSURANCE REGULATORY AUTHORITY (TIRA) REQUI R E M ENTS F OR RE G I S TR A TIO N as BANCASSURANCE AGENT 1. A Bancassurance agent may act for a minimum of thre e and a maximum of ten insurers; 2. Comp l e ted Applic a t i on fo r m to g e ther with nonr e fund a b l e a ppl i ca t i on f e e s of Tshs.25,000/= .; 3. Pa y ments o f Annual license maintenance fees of T z s. 1,00 0,000 / - and R e g is t r a t i on fee of Tzs . 5 ,0 00, 000/=; 4. On item 2 and 3 ; y ou will be required to be provided with Control Number(s) from TIRA for making payments of Application Fee, Annual license maintenance and Registration Fee. Please contact us at coi@tira.go.tz ; ikissongo@tira.go.tz ; 5. A resolution of the board of directors of the bank or financial institution that the bank or financial institution as the case may be may conduct Bancassurance business; 6. A letter of no objecti on issued by the Bank of Tanzania ; 7. A n agency agreement between the bank or financial institution and an insurer; The Bancassurance agency agreement between the Bancassurance agent and an insurer required under sub - regulation (3)(c) shall indicate : - the mo de to be used to remit premium to the insurer which shall be consistent with Section 72 of the Insurance Act; the claims handling process to be used; the safeguards to be made available to the policy holders; the commission and fees to be charged and the mode of payment a schedule of the products and services to be offered; the procedure to be used to settle any conflict between the Bancassurance agent and an insurer ; M odalities and frequency for reconciliation of the premiums and the other funds resulting from Bancassurance business; and A ny other requirement as the Authority may deem fit . 8. A duly filled fit - and - prop

2 er requirements questionnaire for the Ba
er requirements questionnaire for the Bancassurance principal officer and specified persons, prescribed in Form 3 as specified in the Second sc hedule of Regulations; 9. Copies of Memo ra ndum a nd A r t i c les of Asso c iation / E x tr ac t f r om R e g is t rar. 10. Co p y of the C e rtifi ca t e of inco r po r a t i on of t h e Compa n y in T a n z a ni a / C e rtifi ca te o f re g is t r a t i on. 11. P a rticul a rs of P rin c ipal O f f ic e r (s) and specified persons : - a. Updated Curriculum V itae (CV) b. P ro fe ss i on a l c e rtifi ca tes ( Mini m um c e rtifi ca te in insu ra n c e / C o P ) c. S wo r n D ec l a r a t i on of g o od c h a ra c ter a nd solv e n c y . d. Attested d ec l a r a t i on on solven c y a nd non - c onv i c t i on in c rimin a l o f f e n c e s ; e. His/h e r E mp l o y ment c o n tr ac t ; f. Two p a ssport s iz e photo g r a phs of the pri n c ipal o f fi ce r. 12. V a l i d T ra di n g / B usiness l i ce nse ; 13. P a rticul a rs of sh a r e hold i ng p a t te rn ; 14. P a rticul a rs of y our b a nk e rs; 15. E vidence of professional indemnity insurance and fidelity insurance for the Bancassurance principal o fficer and the specified person 16. T he branches of the bank or financial institution that are to be used by the Bancassurance agent in conducting Bancassurance business; 17. names and particulars of specified persons to be stationed at each of the branches referred t o under paragraph (h) hereinabove; 18. Affidavit of each of the principal officer or specified person to the effect that they have never been adjudged bankrupt; compounded with creditors; or convicted by a court of competent jurisdiction in any country of an y offence involving fraud, dishonesty or felony; and 19. A ny other information that the Authority may require