The modern insurance contracts that are on offer today such as health insurance, stemmed from the practice of merchandizers in the 14th century. It has also been accepted that various strains of security arrangements have already been established for centuries. And somehow or the other, they are like insurance contracts in their early form.
The huge growth of life insurance in Tanzania from almost nothing some decades ago to its present gigantic proportion is not the marvels of latter-day business environs. Virtually, life insurance became one of the bare minimum necessities of humankind, due to the demand for economic security. Also, for the growing need for social stability, and the scramble for protection against the risks of crippling calamities. Also, to protect against unexpected economic shocks. Insurance is today not just the rich man's monopoly.
How Is Corporate Insurance Regulated In Tanzania?
The laws that regulate corporate insurance in Tanzania are the following:-
Corporate insurance, as the name indicates, is a general term that covers all types of insurance policies taken by different organizations. It is provided for by almost all of the insurance companies operating in Tanzania. Here it is worth mentioning all of the common policies which are taken:
Corporate Health Insurance
The Ministry of Health in Tanzania had proposed a compulsory national health insurance scheme for all fully employed citizens back in 1997. It will be right to mention that the insurance sector was opened up in the country for private players in the country in 1996. This type of insurance is aimed at providing health coverage to all the employees of a business. Some part of the premium amount is paid by the employer. While some part is deducted from the salary of the employee. Contribution to health insurance forms an essentially pre-determined part of the salary structure. That amount is communicated to the potential employee at the time of the interview process. The insurance is covered under the social security schemes of the company.
Types of Corporate Insurance Schemes?
There are four health insurance schemes that are publicly owned, such as National Health Insurance Fund (NHIF); Social Health Insurance Benefit (SHIB) formulated as a benefit under the National Social Security Fund (NSSF).As well as the Community Health Fund (CHF) and Tiba Kwa Kadi (TIKA).
The Bottomline
Tanzania Insurance Regulatory Authority(TIRA) is a government body that supervises the Corporate Life Insurance players.TIRA registers insurers, insurance brokers, insurance agents, insurance surveyors, loss assessors, and adjusters. Insurance registrants are monitored by way of inspections. Likewise, the application is processed for registration/renewal. In Tanzania, the registered insurers are given permission to provide the insurance products. Intermediaries are then hired to distribute products to consumers or the probable policyholders. That’s about all about how insurance is regulated in Tanzania.
