The The Insurance (Amendment) Regulation, 2021

This section says the Regulations may be cited as the Insurance (Amendment) Regulations, 2021.

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Jurisdiction: Tanzania
Instrument: Regulation
Citation: The The Insurance (Amendment) Regulation, 2021
Version: Undated source snapshot
Language: en
Official source: View official record ↗

broker commission compliance cross-border insurance placement insurance insurance brokerage insurance placement licensing penalties premiums registration regulatory text amendment regulatory update

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Statute overview

About this statute

This section says the Regulations may be cited as the Insurance (Amendment) Regulations, 2021. This section amends regulation 13 by replacing “licenced under this Act” with “registered under this Act”. This provision amends regulation 20(1)(b) of the principal Regulations by replacing the words “short term investment” with “Government.” This section amends the principal Regulations by deleting regulation 34 and replacing it with new text. An insured must pay premiums to the Tanzanian insurer, a broker is entitled to commission from the insurer, and a broker must not receive premiums from the insured.

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Legal text

Provisions of The The Insurance (Amendment) Regulation, 2021

Showing 9 of 9

1
These Regulations may be cited as the Insurance
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AI-assisted research summary: This section says the Regulations may be cited as the Insurance (Amendment) Regulations, 2021.

1. These Regulations may be cited as the Insurance (Amendment) Regulations, 2021 and shall be read as one with the Insurance Regulations, 2009 hereinafter referred to as the "principal Regulations."
2
The principal Regulations are amended in regulation
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AI-assisted research summary: This section amends regulation 13 by replacing “licenced under this Act” with “registered under this Act”.

2. The principal Regulations are amended in regulation 13 (a) by deleting the words "licenced under this Act" and substituting for them the words "registered under this Act".
3
The principal Regulations are amended in regulation
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AI-assisted research summary: This provision amends regulation 20(1)(b) of the principal Regulations by replacing the words “short term investment” with “Government.”

3. The principal Regulations are amended in regulation 20 (1) (b) by deleting the words "short term investment" and substituting for them the words "Government". "Payment of premium s and commissi on
4
The principal Regulations are amended
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AI-assisted research summary: This section amends the principal Regulations by deleting regulation 34 and replacing it with new text.

4. The principal Regulations are amended by deleting regulation 34 and substituting for it the following:
34
(1) Subject to section 72 (2) of the Act, an
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AI-assisted research summary: An insured must pay premiums to the Tanzanian insurer, a broker is entitled to commission from the insurer, and a broker must not receive premiums from the insured.

34.-(1) Subject to section 72 (2) of the Act, an insured shall pay to a Tanzanian insurer all premiums due to the insurer by depositing to the account of the insurer for insurance cover effected at the instruction of the insured. (2) A broker shall be entitled to a commission from the insurer for insurance cover issued to the insured under its brokerage. (3) A broker shall not receive any premium from the insured for insurance cover effected at the instruction of the insured. 1 GN. NO. 797(Contd.) Insurance (Amendment) (4) Any chief executive officer or principal officer of a broker who receives premium in contravention of subregulation (2) commits an offence and shall on conviction be liable to a fine of not less than ten million shillings and not exceeding fifty million shillings or imprisonment of a term not less than two years but not more than five years or to both. (5) Without prejudice to subregulation (4), any broker who contravenes this section shall, in addition to the penalty, bear all liabilities arising from the act constituting the offence. Amendment of regulation 35 Amendment of regulation 37
5
The principal Regulations are amended by deleting
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AI-assisted research summary: This section amends the principal Regulations by deleting regulation 35.

5. The principal Regulations are amended by deleting regulation 35.
6
The principal Regulations are amended by deleting
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AI-assisted research summary: This section amends the principal Regulations by deleting regulation 37 and replacing it with new text about “Insurance held by Tanzanian msurer”.

6. The principal Regulations are amended by deleting regulation 37 and substituting for it the following: "Insurance held by Tanzanian msurer
37
(1) For the purposes of section 133 of the
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AI-assisted research summary: Insurance cover by Tanzanian residents or resident companies must be placed with a Tanzanian insurer, unless the required class is unavailable and the Commissioner gives prior written approval.

37.-(1) For the purposes of section 133 of the Act, any insurance cover effected by a Tanzanian resident or a Tanzanian resident company of any class or classes shall be placed with a Tanzanian insurer. (2) Where a class or classes of insurance required to be placed with a Tanzanian insurer in terms of subregulation (1) is or are not available to a person seeking insurance cover that person may, through a resident insurer and with prior written approval of the Commissioner, place that insurance cover with a non-Tanzanian insurer. (3) For purposes of subregulations (1) and (2), ground, marine and air cargo insurance covers for Tanzanian imports shall be effected by a Tanzanian insurer. (4) Nothing in this section shall affect the control exercisable by the Bank of Tanzania. 2 GN. NO. 797(Contd.) Insurance (Amendment) Amendment of Second Schedule

Part

Schedule

7
The principal Regulations are amended in Part Eat
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AI-assisted research summary: This section amends the principal Regulations by replacing the words “operating licence” with “Certificate of registration” in the specified Schedule item.

7. The principal Regulations are amended in Part Eat item E.2 (b) of the Second Schedule by deleting the ords "operating licence" and substituting for them the words "Certificate of gistration". Dodoma, 19th November, 2021 MWIGULU LAMECK NCHEMBA MADELU Minister for Finance and Planning 3

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