Online applications for imports insurance now launched
Dar es Salaam. Tanzania Insurance Regulatory Authority (Tira) has launched the Tanzania imports insurance website developed by the Insurance Institute of Tanzania (IIT) to streamline insurance services for imported goods in the country.
Speaking at the sideline of the launch, IIT president Busio Bugali said the amended law requires importers to apply, secure and use insurance services from locally registered companies.
“Previously, imports used foreign companies therefore making premium payments outside the country. This denied the country with pre-requisite revenues. The new system will ensure payment for imports is done to companies registered in the country, therefore benefiting individual companies and the country at large,” he said.
He said clients are required to make an online application for insurance, during which respective insurance companies will issue certificates which will be recognized during clearing of goods at the ports.
‘Tanzania is the first country to start this system in East Africa, and its time efficient because it which requires little time to secure insurance. Insurance companies, brokers and consultants should log in via: www.tiib.co.tz
Launching the system, Tira commissioner Baghayo Saghawe outlined some of the benefits of the system as minimizing funds loses to foreign countries relating to insurance services.
“The system will increase market of the goods, insurance companies will improve their capital and create more jobs, will provide customers with effective goods insurance, will simplify compensation processes and minimise cargo under-declaration,” he said.
The workshop was attended by nearly 90 brokers, representatives of insurance companies and consultants who are charged to ensure that all important company information and activities are lodged in the system as early as possible.
