Benchmarking visit by the Institute of Finance Management (IFM) / Tanzania Insurance Regulatory Authority (TIRA) (Tanzania)

The Non-Bank Financial Institutions Regulatory Authority (NBFIRA) hosted a team of the Institute of Finance Management (IFM) consultants from September 7th till 9th, 2015, on behalf of the Tanzania Insurance Regulatory Authority (TIRA).

The consultants were conducting exercises on the Botswana’s life assurance sector. The benchmarking exercise entailed proposing options for the development of life assurance industry in Tanzania, and it therefore allowed the consultants to study and appreciate Botswana life assurance market structure, regulation, legal and tax regimes. Furthermore, the exercise involved observing and analysing life insurance products and pricing.

The consultants interviewed officials from; the regulatory authority (NBFIRA), tax authority (BURS), Two (2) life insurance companies, and Two (2) insurance brokers. The Botswana life insurance market is deemed to be one of the best in the region hence the benchmark exercise and the consultants picked Botswana, South Africa and Mauritius.