TIRA Registration Requirements For Insurance Licensing Company, The Authority is established under the the Insurance Act No.10 of 2009 as Follows:-
- There is established a body to be known as the Tanzania Insurance Regulatory Authority.
- Subject to the general supervision of the Minister, the Authority shall be charged with the responsibility of coordinating policy and other matters relating to insurance in the United Republic.
- The Authority shall be a body corporate with perpetual succession and a common seal and shall, in its corporate name, be:-
(a) Capable of suing and being sued;
(b) Capable of borrowing money, acquiring and disposing of property ;and
(c) Capable of doing all other things which a body corporate may lawful do.
TIRA Registration Requirements For Insurance Licensing Company
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TIRA RBS System Software, Risk Based Supervision System Software (TIRA RBS)
Risk Based Supervision System Software (TIRA RBS) , Built from the ground up specifically for financial regulation, this Software is the perfect combination of regulatory expertise and enterprise-class software engineering.
It is software that supports and enhances the core insurance regulatory processes, incorporating best-practice regulation and supervision at every level. As a complete insurance regulatory system, TIRA RBS Software provides a solid foundation, underpinning the supervisory function for all processes and data under TIRA adopted “CARAMELS” as its insurers’ Risk Based Supervision (RBS) framework since 2005 (note:
CARAMELS is an acronym for Capital Adequacy, Assets Quality, Reinsurance, Actuarial provisions, Management and corporate governance, Earnings, Liquidity, and Subsidiaries and related parties).
TIRA RBS System Software It has four core components that collect, process, analyse, and store supervisory data. They are TIRA RBS Portal, TIRA RBS Supervision Centre, Regulatory Intelligence (analysis tool) and Repository.
TIRA RBS Portal
TIRA RBS Portal enables regulated companies (insurers and brokers) to submit all required regulatory data online; from financial returns to statistical surveys, through to applications for registration and licensing. The portal effectively automates the perpetual challenge of data collection as it provides seventeen (17) distinct levels of submission validation and feasibility assessment, leading to unparalleled data quality.
>>Users of TIRA RBS Portal
Main users of TIRA RBS portal are insurers, brokers and all other registrants in the insurance industry that are registered and regulated by the Tanzania Insurance Regulatory Authority. Each of the mentioned registrant appoint one person whose job is to use the portal in accordance with the training given, user credentials and the rights and permissions assigned to him by TIRA RBS Administrator. Through the sub link to TIRA RBS Portal found on RBSS link, the user can access the company’s account.
>>How TIRA RBS Portal is used
The regulated insurance companies, brokers and other registrants use TIRA RBS portal to perform the following activities online:
- Apply for registration and renewal of insurance business license;
- Submission or reporting of quarterly, semi and annual financial returns;
- Corporate notification of change to corporate structure (Add Director, Add Shareholder, Principal etc.);
- Annual renewal of professional indemnity insurance; and
- Ad-Hoc applications for foreign reinsurance dispensation.
TIRA RBS Supervision Centre
TIRA RBS Supervision Centre allows TIRA to plan, delegate, track and analyse the entire supervisory process with ease. Core supervisory processes such as Financial Return Submissions, Application Authorizations, Return Analysis and On-Site Inspections are handled and executed at the touch of a button, effectively automating previously arduous and thankless tasks.
>>Users of TIRA RBS Supervision Centre
The main user of TIRA RBS Supervision Centre is the Authority through its supervisory analysts, insurance officers and other officers in accordance with the training given, user credentials and the rights and permissions assigned to them by TIRA RBS Administrator.
>>How TIRA RBS Supervision Centre is used
The Authority uses TIRA RBS Supervision Centre to perform the following activities online:
- Schedule and track online data collection activities for the industry;
- Review and approve all data submitted by the industry online;
- Perform detailed analysis on data submitted by the industry online;
- Publish selected reports back to the industry through the system (e.g. market aggregates);
- Schedule on-site inspections to be performed by TIRA staff; and
- Take a risk-based approach to supervision, with automated risk profiling of regulated entities.
TIRA RBS Repository
TIRA RBS Repository safely and securely stores all data related to regulated institutions. The Repository records all institutional profile information, data collected from regulated institutions and analytical data generated by the regulator. A complete system-wide audit trail is also maintained. Its is fully searchable giving you access to an unparalleled amount of regulatory and supervisory information, all in one place.
Get all information about Tanzania Motor Vehicle Insurance Cover Validation, TIRA MIS & Bima Verification, TIRA Motor Vehicle Insurance Cover Validation.
If you are looking for information about TIRA MIS & Bima Verification, then you are in the right place. Here, we have shared all the necessary information regarding TIRA MIS & Bima Verification. It includes details about the application form, eligibility, reservation, selection list, etc.
About TIRA MIS
TIRA MIS is a portal that manages motor insurance stickers and their respective cover notes. Using this Portal, an insurer, broker and agent is able to complete and submit information regarding motor insurance sticker and its cover note issued at a particular time on-line. Moreover, all stakeholders are able to verify the issued stickers and respective cover notes on-line by clicking the link “Validate Motor Insurance Sticker” OR Sending a short message to 15200 with a word STICKER followed by MOTOR INSURANCE STICKER NUMBER (e.g. STICKER 8829537).
Functions of TIRA
- Registration of insurance agents;
- Registration of insurance assessors and loss surveyors;
- Registration of insurance brokers;
- Registration of insurance companies;
- Registration of Reinsurance companies;
- Inspection of all insurance players;
- Handling insurance complaints from the public; and
- Creation of insurance awareness to the Public.
Objectives of TIRA
- Specify the code of conduct for members of the insurance industry;
- Effect supervision and monitoring of insurers, brokers and agents;
- Formulate standards in the conduct of the business of insurance which shall be observed by insurers, brokers and agents;
- Ensure proper observance of the code of ethics and practice by insurers, brokers and agents; and
- Perform any other function as may be necessary for the purpose of this Act.
- Protect the interest of policy-holder;
- Specify requisite qualifications for members of the insurance industry;
- Prescribe levies on premiums and commissions to ensure adequate funding for the Authority.