The Tanzania Insurance Regulatory Authority (TIRA) in collaboration with NBC Bank have organized a training seminar on the operation of the Trust Account (Trust Account)
The Tanzania Insurance Regulatory Authority (TIRA) in partnership with NBC Bank today on 01.08.2023 has organized a training on Trust Account for insurance companies. The training was held at Four Points by Sheraton in Dar es Salaam from 11:00 a.m.
The seminar was opened by the Guest of honor Dr. Baghayo A. Saqware, the Commissioner of Insurance accompanied by some of the directors and staff of the Authority (TIRA), NBC employees led by the bank's CEO Mr. Theobald Sabi, and the Chief Executive Officers, Chief Financial Officers of the Insurance Companies attended the seminar on the operation of the Trust Account.
In his speech, Dr. Saqware congratulated NBC Bank for being the third bank from Tanzania to implement the process of establishing a Trust Account. He also congratulated the CEOs and Chief Financial Officers of insurance companies in the country for attending the seminar.
Dr. Saqware said the establishment of the insurance trust account is a positive step that will help strengthen the supervision of the insurance industry in line with the legal and regulatory requirements set out by the Tanzania Insurance Regulatory Authority (TIRA).
He also noted that the decision to open a trust account in commercial banks is a reflection of the challenge, as the Authority (TIRA) will now be able to manage the deposit funds of the insurance companies hence improving the development of the financial sector.
Dr. Saqware concluded by saying the origin of the Insurance trust account is the Insurance Act of 2009, Section 20, which requires insurance companies to deposit at least 50% of the minimum capital of the insurance company.
He ultimately requires all participants, especially the Chief Financial Officers of the insurance companies, to consider the training provided by NBC Bank and finally welcomed all participants to the offices of the Authority (TIRA) in Eastern zone-Dar es Salaam, Southern zone-Lindi, Northern zone-Arusha, Lake zone-Mwanza, Southern Highlands zone-Mbeya, Western zone-Tabora, Central zone-Dodoma, and Zanzibar TIRA Office.
