TZW
The President of Insurance Institute of Tanzania (IIT) Mr Bosco Dugai said in Arusha yesterday that under the current arrangements car importers are required to pay insurance covers from local firms before importing vehicles to benefit insurance companies. “
It also helps car importers to trace the insurers should anything go wrong with the mechanical setups, bodywork or damages during shipment,” he said, adding that in the previous arrangement the company or agents ferrying the vehicles handled insurance matters using overseas companies that could not be found should the need arise.
He was speaking here during the sensitization workshop on the recently launched, Tanzania Imports Insurance Portal (TIIP) held for insurance firms, export and import companies, agents and brokers in Arusha.
He added that it was much cheaper for importers to pay taxes using Tanzania shilling instead of paying in foreign currencies, especially dollars which was expensive due to fluctuation of the exchange rates.
The Commissioner of Insurance Mr Baghayo Saqware allayed fears to clients buying insurance covers from local firms because the government was strictly regulating the transaction to ensure transparency and in case of foul play the firm is scrapped.
“To date we have a total of 31 registered and well monitored insurance companies in the country, 413 licenced agents and 150 recognized insurance brokers,” pointed out Mr Saqware, adding that making use of local firms helps build the economy and give clients peace of mind.
On his part, the Director of licensing and Market Conduct Supervision at Tanzania Insurance Regulatory Authority, Mr Samwel Mwiru, said TIRA in collaboration with Insurance Institute of Tanzania, launched a digital platform portal that will help local importers to buy insurance covers from local insurance companies for all imported goods as required by the amendment of article No.
133 of the Insurance Act of 2009. In respect to that, with effect from 1st January 2018, therefore all imports into Tanzania whether by road, rail, sea or air must be insured by locally registered insurance companies Tanzania Revenue Authority (TRA) will require proof of purchase of Tanzanian marine insurance prior to issuance of import clearance.