TIRA aligns its strategic direction with Dira 2050, the nation’s long-term development vision which envisages a robust, inclusive and innovation-driven financial sector that supports entrepreneurship, formalization and sustainable economic transformation. Guided by Dira 2050, TIRA is committed to leveraging insurance as a key enabler of financial resilience, investment mobilization and social protection, particularly for underserved segments such as youth, women, MSMEs and smallholder farmers.  This long-term national framework provides the foundation  TIRA’s strategic planning, ensuring that the authority’s interventions contribute meaningfully to the realization of Tanzania’s development aspirations.

The Tanzania Insurance Regulatory Authority (TIRA) was established in 2009 under Section 5 of the Insurance Act Cap. 394 (hereinafter referred to as “the Act”). Prior to establishment of TIRA, insurance regulation and supervision in the country were vested with the Insurance Supervisory Department (ISD) which operated as an extra-ministerial department under the Ministry responsible for Finance. ISD was established in 1996 by virtue of the then Insurance Act No. 18 of 1996, as part of liberalization of the insurance market, which provided for admission of privately owned insurance players in the market.

Subject to the general supervision of the Ministry responsible for Finance, TIRA is charged with the responsibility of coordinating policy and other matters related to insurance in the United Republic of Tanzania. The main functions and duties of TIRA are to promote and maintain an efficient, fair, safe, and stable insurance market for the benefit and protection of policyholders. The specific functions of TIRA are categorized into seven (7) broad areas, namely:

1. Registration and licensing of insurance registrants;
2. Preparation and issuance of regulations and guidelines for the supervision of the insurance industry;
3. Provision of insurance education and awareness to the public;
4. Protection of consumers and beneficiaries of insurance products and services;
5. Promote, supervise and ensure the stability and sustainability of the insurance sub-sector;
6. Regulate and supervise Universal Health Insurance in Tanzania; and
7. Advise the Government on policy and other insurance-related matters in the country.

Further, the Act establishes the Insurance Ombudsman Service for the purpose of resolving disputes arising between insurance consumers and insurers operating in Tanzania.