Insurance Law
Insurance Law An Act to establish the Tanzania Insurance Regulatory Authority, to provide for the functions and powers of the Tanzania Insurance Regulatory Authority in regulating and supervising insurance business and for related matters.
The practice of law surrounding insurance is majorly important both to individuals and the commercial sector. It primarily includes the regulation of the business of insurance, regulation of the content of insurance policies and claim handling.
The Tanzania Insurance Regulatory Act of 2009
established the Tanzania Insurance Regulatory Authority (TIRA) and introduced a framework outlining the duties of insurers, brokers, agents and loss adjusters. The opening of the market and the establishment of a dedicated regulator have resulted in a greatly altered arena.
Insurance law is the practice of law surrounding insurance, including insurance policies and claims. It can be broadly broken into three categories – regulation of the business of insurance; regulation of the content of insurance policies, especially with regard to consumer policies; and regulation of claim handling.
Is health insurance mandatory in Tanzania?
First, the Act provides for mandatory health insurance for all people and obligates every formal sector employer to contribute to their employee’s health insurance, and all foreigners aged 18 years and above. This broadens the scope of health insurance in Tanzania.
What is the insurance policy in the insurance law?
An insurance policy is a legal contract between the insurance company (the insurer) and the person(s), business, or entity being insured (the insured). Reading your policy helps you verify that the policy meets your needs and that you understand your and the insurance company’s responsibilities if a loss occurs.
What is the risk under insurance law?
Definition of ‘risk’ in insurance is the “uncertainty of the occurrence of an event that can cause economic losses“. What are the forms that risk? Other forms of risk among other pure risk, speculative risk, the particular risk and fundamental risk.
Insurance Lawyers and Law Firms in Tanzania
- The breadth of our clientele base includes major insurance and reinsurance companies, local and overseas brokers, accountants, insurance agents, captives, financial and investment service providers, P&I club managers. HMOs, reinsurance intermediaries, state insurance regulators, trade associations, insolvency practitioners. Debtors and creditors of insolvent insurers. We advise on insurance and reinsurance matters including capital and balance sheet management. Start-ups, corporate acquisitions and disposals, corporate re-organisation, and regulatory compliance. Based on your requirements and our commercial understanding, the firm’s insurance team will provide the highest level of commitment and quality advice.
Insurance – Law Access
Insurance law and regulation can raise difficult issues for insurers and policyholders to resolve. Both sides need specialist. Legal advice from insurance lawyers who can view complex legal and regulatory issues from every angle.
Our specialist insurance lawyers combine insurance law and regulatory expertise with in-depth insurance sector knowledge. We represent Tanzania and international corporate and banking policyholders. As well as insurers, reinsurers, brokers, and other intermediaries.
For insurers and brokers, we deliver specialist expertise and in-depth sector knowledge to assist them in ensuring regulatory compliance. Distributing products, acquisitions/disposals and resolving disputes.
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