Regulator bans 4 insurance brokers, puts 2 under probe

By Sauli Giliard

THE Tanzania Insurance Regulatory Authority (TIRA) has revoked licences for four insurance brokers while two others have been submitted to Director of Criminal Investigation (DCI) over alleged malpractices contrary to Insurance Act 10 of 2009.

Speaking to reporters at TIRA headquarters in Dar es Salaam, Thursday, the authority’s Commissioner Dr Baghayo Saqware said the decision to annul the licences was undertaken after receiving complaints from customers related to malpractices.
Regarding customer queries, it was established that some insurance brokers were operating contrary to the insurance business regulations, hence mudslinging the industry and threatening its existence,” the Commissioner added.
Accompanied by two officials, Dr Saqware said brokers are accountable to insurance companies through seeking customers, but some do not submit money realized from policy sales, causing insurance companies to fail to pay claims.
Four brokers whose licences have been revoked are HANS, Endeavour, Legend of East Africa and Swift. Meanwhile, TIRA is cooperating with the DCI’s Office to investigate Core and Pacific brokers for allegedly shunning the auditing exercise.