Insurance Companies
CHECKLIST OF DOCUMENTS/PARTICULARS IN PROCESSING APPLICATIONS FOR LICENSING OF INSURANCE COMPANIES UNDER INSURANCE ACT NO. 10 OF 2009
1. Completed Application form together with non refundable application fee of Tshs. 25,000/=
2. Copies of memorandum and Articles of Association of the Company.
3. Payment of Registration and Annual fees of Tshs.10, 000,000/= and 2,500,000/= respectively.
4. Copies of Memorandum and Articles of Association of Corporate shareholders, if any.
5. Copy of certificate of incorporation of the Company in Tanzania.
6. Proof/Evidence of minimum paid up share capital as per schedule of shares subscription (In case of foreign investors, evidence of actual remittance of funds in Tanzania must be provided and at least one third of shares should be owned by Tanzanians). Meanwhile, the amount of Paid up capital will be increasing as shown here below:
7. Particulars of Principal Officer of the Company.
8. Particulars of Board Members of the Company. Your Board must have a minimum of Five members.
9. Particulars of Senior Management staff of the Company.
10. Attested declaration on solvency and non conviction in criminal offences of members mentioned above (See item 7, 8 and 9).
11. Details of financial interest in other Insurance Companies, Broking firm(s) and Agencies.
12. Full details of Company Auditors.
13. Particulars of your Bankers.
14. Full details of legal advisors.
15. Three to five years Business Plan of the Company to include among other things, Company profile, Strategies, SWOT analysis, and the following Projected Financial statements:
i) Balance sheet
ii) Revenue Account
iii) Loss and Profit Account
iv) Cash flow statement
16. Organization and Administrative Structure of the Company.
17. Copy of passports for all company directors.
18. Physical address of your offices in Tanzania.
19. Copy o Share Certificates issued to your shareholders.
20. A Reinsurance Treaty Program indicating good securities.
21. At the renewal of Licence in addition to the above, the following information is required:-
a. Compliance with statutory returns.
b. Pending issues, with other insurers, if any.
c. Complaints, if any.
d. Compliance with Conditions Imposed during last Registration.
22. Business Operations must commence within 12 moths from the date the licence is granted.