Commissioner of Insurance, Israel Kamuzora
Speaking in an exclusive interview with this paper in Dar es Salaam at the weekend, the Commissioner of Insurance, Israel Kamuzora said that without sufficient investment, Tanzanian insurance companies would not be able to access external markets.
Kamuzora also said that reluctance of most of insurance firms to invest in the Dar es Salaam Stock Exchange (DSE) is another reason behind their failure to obtain enough capital that would enable them to tap into external markets.
“Most of the local insurance companies are egoistic, they don’t want to list in the Stock Exchange to allow the public to buy shares, which would otherwise enable them to increase their capital. You cannot compete outside the country with small capital,” he said.
He noted that many foreign insurance companies are investing in the country because they have gained enough capital from the shares bought by public.
"Our vision is to see that the insurance sector observing professionalism, integrity, accountability, transparency, team work, consistency and respect," he stated.
According to him, the objectives of TIRA include specifying 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.”
“Other objectives are ensuring 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.
Tanzania Insurance Regulatory Authority (TIRA) was established under the Insurance Act No.10 of 2009, subject to the general supervision of the minister and is responsible of coordinating policy and other matters relating to insurance in the country.
SOURCE:
THE GUARDIAN
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