Regulatory Alerts2019-01-01
Bancassurance Guidelines for Banks and Financial Institutions 2019
The Bank of Tanzania issued these 2019 guidelines to regulate Bancassurance business, requiring all banks and financial institutions to secure prior approval and a license from the Tanzania Insurance Regulatory Authority before distributing insurance products. The framework mandates robust operational standards, including trained staff, clear disclosure of insurer liability, prohibition of coerced sales and automatic premium debits without consent, and strict consumer data protection. Additionally, regulated entities must submit quarterly performance returns, separately disclose Bancassurance income and expenses in annual financial statements, and face administrative sanctions for non-compliance.
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