Tanzania Insurance Regulatory Authority (TIRA) is a statutory body responsible for the regulation, supervision, and development of the insurance industry in Tanzania. It was established under the Insurance Act No. 10 of 2009 and operates under the Ministry of Finance. TIRA’s main objective is to ensure a stable, fair, and efficient insurance sector that protects the interests of policyholders while promoting public confidence in insurance services.
One of the key functions of TIRA is licensing and supervising insurance market participants. This includes insurance companies, reinsurance companies, insurance brokers, agents, loss assessors, and actuaries. Before granting licenses, TIRA ensures that applicants meet the required legal, financial, and professional standards. Through continuous supervision and inspection, the authority monitors compliance with laws, regulations, and prudential guidelines to ensure that insurers remain solvent and capable of meeting their obligations to policyholders.
TIRA also plays an important role in protecting insurance consumers. The authority oversees market conduct to ensure that insurance products are fair, transparent, and properly explained to clients. It handles complaints from policyholders and intervenes when insurers engage in unfair practices, delays in claims settlement, or breach of contractual obligations. By enforcing ethical standards and accountability, TIRA enhances trust between insurers and the public.
Another major responsibility of TIRA is promoting the growth and development of the insurance industry. The authority supports innovation, product diversification, and increased insurance penetration by encouraging insurers to design products that address the needs of different segments of society, including low-income groups. TIRA also promotes compulsory insurance schemes such as motor vehicle insurance and workers’ compensation insurance, which help protect individuals and businesses from financial risks.
Capacity building and public awareness are central to TIRA’s mandate. The authority conducts training programs for industry professionals and awareness campaigns to educate the public on the importance of insurance and their rights as policyholders. By improving insurance literacy, TIRA helps increase participation in the insurance market and supports long-term sector sustainability.
In addition, TIRA advises the government on insurance-related policy matters and represents Tanzania in regional and international insurance forums. It works closely with other financial sector regulators to ensure coordination and financial stability. Overall, TIRA plays a critical role in strengthening Tanzania’s insurance industry by ensuring effective regulation, consumer protection, and sustainable sector development.