The Authority is established under the the Insurance Act No.10 of 2009 as Follows:-
There is established a body to be known as the Tanzania Insurance Regulatory Authority.
Subject to the general supervision of the Minister,the Authority shall be charged with the responsibility of coordinating policy and other matters relating to insurance in the United Republic.
The Authority shall be a body corporate with perpetual succession and a common seal and shall, in its corporate name, be:-
(a) Capable of suing and being sued;
(b) Capable of borrowing money,acquiring and disposing of property ;and
(c) Capable of doing all other things which a body corporate may lawful do.