Tanzania is countering capital outflow

A new circular was submitted to the overall insurers operating in Tanzania on December 11, 2017. Published by Tanzania Insurance Regulatory Authority (TIRA), the new regulation prohibits local insurance companies from reinsuring their long-term risks outside the country.

This initiative has been designed to restrict capital outflow abroad and to increase local capacities by the same token. The new law came into effect as of January 1, 2018.

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• The insurance industry in Tanzania