The Ministry of Finance and Planning has instructed the Tanzania Insurance Regulatory Authority (TIRA) to take strict legal measures against insurance companies that fail to fulfill their obligations to pay their customers’ compensation on time.
The measures include canceling the licenses of these insurance companies.
The instructions have been issued by the Deputy Minister of Finance and Planning, Hon. Hamad Hassan Chande, during the National Financial Services Week that took place in the city of Mwanza until November 26th, 2022.
Chande said that insured persons have been experiencing inconvenience when demanding compensation because they are not paid on time and even when the time comes when they are paid, the money has already depreciated in value.
“Many complaints have come to the Ministry about those insurance companies, I order TIRA to take action against all companies that do not follow the rules and procedures,” Chande said.
He also instructed the Tanzania Insurance Ombudsman to provide solutions in time and in accordance with the various laws and guidelines of the country and ensure that insurance companies are properly responsible for their actions to enable the parties to get their rights in time.
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