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.