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.