TIBA PRESENTATION

AGM - 2018

TIBA PRESENTATION

AGM - 2018

ABOUT TIBA:

Tanzania Insurance Broker Association (TIBA) is registered under Interior Ministry / RITA . TIBA has a

constitution which was accepted by all members in 2010. TIBA is run by a Governing Council consisting of 13

members elected by the members of the Association. (As Per Part C, Section 15.0 of The TIBA Constitution)

TIBA elections are held every 2 years and a sitting President can only serve a maximum of 2 terms.

The main objectives of TIBA are to promote interaction amongst the Insurance Broker Members and to

encourage, promote, facilitate and protect the interests of the members of TIBA and to provide an avenue to the

members for further education, training and research in all fields of insurance and represent the interests of

Brokers with other organizations.

Currently TIBA has more than 125 live members. TIBA members contribute approximately 56% of the entire

insurance businesses placed in the Tanzanian market. It is compulsory for any Insurance broker registered to

transact business in Tanzania to be a TIBA member before they can obtain a valid broking license from The

Tanzania Insurance Regulatory Authority (TIRA).

TIBA has a satellite branch for northern region catering for Kilimanjaro, Moshi and Arusha. It intends to open

Zonal offices at Lake Zone and Zanzibar in the near future.

TIBA PRESENTATION

AGM - 2018

TIBA ACHIEVEMENTS:

The current Governing Council was elected by the membership effective 1st January 2015. Over the past 3

years and 5 months, the following are the major achievements/ highlights of the elected Governing Council.

In the year 2015:

- The Governing Council finalized the first ever independent TIBA Offices in Dar Es Salaam.

- The Governing Council established an official TIBA Website and Domain (www.tiba.co.tz) and in addition to

ensure no-conflict of interest, key personnel were allocated with official email IDs. (President@tiba.co.tz,

Secretary@tiba.co.tz and Administrator@tiba.co.tz)

- The Governing Council via letter REF:10/Feb/2015 informed the Commissioner of Insurance on key items

to ensure professionalism in the Industry. (Items included; Rating structures, Premium Payments to

Underwriters, Request for Quarterly meetings with other Association, Establishment of a dispute Council,

collaboration between TIBA and other Associations to ensure high standards of operating in the Tanzania

Insurance Industry.)

- On 21st March 2015, TIBA held the 1st ever TIBA Annual Golf Tournament which was attended by over 100

participants and delegates.

- TIBA Governing Council participated in the National Insurance Consumer Education Framework

- TIBA registered as a member of The Tanzania Private Sector Foundation (TPSF)

- TIBA participated and contributed to the discussions of the Proposed National Policy on Insurance and

Takaful Insurance Regulations.

- TIBA held meetings with The Tanzania Revenue Authority (TRA) on the application of VAT on Insurance

and played a key role in removal of VAT from Medical Insurance, Travel Insurance, Life Insurance, Aviation

Insurance and Marine Export Insurance.

http://www.tiba.co.tz/mailto:President@tiba.co.tzmailto:Secretary@tiba.co.tzmailto:Administrator@tiba.co.tz

TIBA PRESENTATION

AGM - 2018

In the year 2015: (continued)

- The Governing Council held meetings with Actuarial partners from Kenya and Malaysia, held several

meetings with The ATI on the implementation of Market adopted Actuarial Insurance rates, held joint

workshops on Valued Added Tax (VAT) and increased the registered membership of The Association from

under 50 to 90 Live, registered and paid-up members.

- The Governing Council signed the first training partnership Engagement MOU with KPMG to train over 300

Broker member staffs to ensure higher practice of professional standards in the Industry. The training

courses were later even offered to Underwriters and other Industry Associations members.

- TIBA registered under the East Africa Insurance Brokers Association (EAIBA), ensured attendance at the

Regional Conferences and the President of TIBA was elected as the Vice-President of The EAIBA in 2015.

- On 16th October 2015, TIBA held the 1st Brokers Day in Tanzania which was attended by over 90

participants at The Hyatt Kilimanjaro Hotel in Dar Es Salaam, Tanzania.

- TIBA signed a 3 year (plus 2 on review) MOU with the Institute of Finance Management (IFM) to assist to

train the students of IFM and to sponsor activities of the students in efforts to promote Insurance in

Tanzania. (Training was conducted for over 300+ students every year since 2015, 2016 and 2017.

- TIBA signed a 3 year MOU with ITL on training IFM Students on Insurance Software

*Kindly note that no Governing Council member is allocated any sitting allowance nor any travelling allowance*

TIBA PRESENTATION

2015 – YEAR IN PICTURES

TIBA/ KPMG TRAINING SESSIONS TIBA/ IFM TRAINING SESSIONS and SPONSORSHIPS

TIBA PRESENTATION

AGM - 2018

In the year 2016:

- TIBA participated as a member of The Task Force on Tax Reforms in preparation for the budget of The

United Republic of Tanzania for the year 2016/ 17.

- TIBA participated as a member in the development of The National Insurance Education Strategy (NIES).

- TIBA held meetings with The Association of Tanzania Insurers (ATI) to discuss on pending items of 2015

meetings, in specific;

a) Phase by phase implementation of Cash and Carry. (Payments to Underwriters)

b) Implementation of the Market adopted rates and fines/ procedures of handling violators.

c) Implementation of VAT application on Insurance.

- TIBA President was selected as a Member of The National Economic Empowerment Council (NEEC) and

TIBA contributed to the various discussions held at The NEEC under the Prime Ministers Office.

- TIBA held the 2nd Annual Golf Tournament in Dar Es Salaam, Tanzania. The event was attended by over

140 participants and delegates.

- TIBA via letter REF: 09/05/2016 COI, informed TIRA on the loophole of Contracts issued by TANROADS

which did not adhere to Insurance Regulations of 2009 requiring all Contractors to purchase insurance

locally.

- TIBA held the 2nd Annual Brokers Day on 24th September 2016 in Zanzibar. The event was attended by

over 100+ participants and delegates. (Speakers were invited from UK, Kenya, Uganda, Rwanda, Burundi,

Nigeria and Tanzania).

- TIBA held additional meetings with ATI on the proposal and implementation of Cash and Carry and

payments to Underwriters.

- TIBA participated in full support at the Public Service Week held on 1st July 2016.

- TIBA participated and contributed fully in the In-Country Consultative meeting on the DRAFT EAC

Insurance Policy.

TIBA PRESENTATION

AGM - 2018

In the year 2016: (continued)

- TIBA started to lodge official complaints on market misconduct by either Industry stakeholders or non-

industry stakeholders. One of the first complaints was lodged against M/s Barclays Bank Tanzania for

posting misleading advertisements with the wording; ‘Why pay for Funeral Insurance when you can get

it for free!’ This was the 1st of such complaints against Financial Institutions who were operating

unethically.

- TIBA signed the 1st ever KPMG Internship Challenge which provided 1 Student with an Internship at KPMG

and in 2017 the Internship Challenge gave 3 students fully paid Internships at KPMG, Eagle Africa and ITL.

- TIBA participated in the Insurance Day Celebrations under the Insurance Institute of Tanzania. (IIT)

- TIBA held the 1st ever Insurance Awareness Walk in partnership with The IFM.

- TIBA adopted the Insurance Times Magazine so as to promote Insurance news to the Industry and beyond.

- TIBA held its AGM and elections in Zanzibar and presented to the membership Audited Accounts which

showed surplus within the short-span that the Governing Council was elected.

- TIBA in reference to their MOU with The IFM sponsored Best Students Awards for the academic year 2015/

16.

- TIBA trained over 300 IFM students and over 100 Broker staffs through trainings in partnership with KPMG

and ITL.

- TIBA was represented at the Regional Conferences held in Kenya and at The EAIBA meetings.

*Kindly note that no Governing Council member is allocated any sitting allowance nor any travelling allowance*

TIBA PRESENTATION

2016 – YEAR IN PICTURES

TIBA 2nd ANNUAL CONFERENCE EAIBA / REGIONAL CONFERENCE TIBA 2ND ANNUAL GOLF DAY

TIBA PRESENTATION

AGM - 2018

In the year 2017:

- On 31st January 2017, TIBA sent an Advisory note to the Permanent Secretary, Ministry of Works,

Transport and Communication, REF:31/01/2017, to showcase that Tanzania had lost an approximate

US$68,000,000 for the period 2009-2013 owing to Marine Import Insurance being done from Exporting

Countries. TIBA was the first Association to highlight this item which was later considered and passed by

Parliament to be effected as Law.

- TIBA wrote on several items to our esteemed Regulatory, including but not limited to, Enforcement of

section 133 and 134, Action to be taken against non-registered vendors of Insurance and several reminder

items which remained pending from other Associations in the Industry. (REF: TIBA/COI/3/30/2017)

- TIBA held the 2nd Annual Insurance Awareness walk which was attended by over 300+ Industry

practitioners and students of The IFM.

- TIBA held the 3rd Annual Sports Day in which besides Golf, other sports including Tennis and Snooker were

added.

- On 5th April 2017, REF:TIBA/TBA/5/4/2017, TIBA lodged official complaints (with evidence) with The

Tanzania Bankers Association against their member Banks, namely, M/s Stanbic Bank Tanzania Limited,

M/s Bank of Baroda Tanzania Limited and M/s Exim Bank Tanzania Limited for practicing tying

arrangements and forced selling. (A copy of the same was also submitted to TIRA, BOT and The FCC).

(Later in November 2017, official cases were filed at The FCC against these 3 Banks and TIBA is still

awaiting judgment from The FCC on the same).

- TIBA continued with its sponsorship at The IFM Careers Day and Best Students Awards in 2017.

- TIBA continued with its training of IFM Students through the partnerships with KPMG and ITL.

TIBA PRESENTATION

AGM - 2018

In the year 2017: (continued)

- TIBA held the 3rd Annual Brokers Day in Zanzibar which was attended by over 150 participants and

delegates.

- TIBA attended Regional Conferences and EAIBA meetings.

- TIBA attended and supported the launch of TIRA MIS in Tanzania.

- TIBA sponsored and took part in the issuance of the 1st Industry based Calendars to promote Insurance

throughout the Country as an Industry.

- TIBA presented audited accounts at the AGM in Zanzibar showcasing that The Governing Council had

ensured healthy surpluses for TIBA activities.

*Kindly note that no Governing Council member is allocated any sitting allowance nor any travelling allowance*

TIBA PRESENTATION

2017 – YEAR IN PICTURES

TIBA 3rd ANNUAL CONFERENCE EAIBA / REGIONAL CONFERENCE TIBA 3rd ANNUAL SPORTS DAY

2nd ANNUAL AWARENESS WALK

TIBA PRESENTATION

AGM - 2018

In the year 2018:

- TIBA has continued to follow on the actions taken by The FCC against Banks against whom official

complaints have been lodged. TIBA is still awaiting from The FCC on the same.

- TIBA has been part of the Insurance Awareness Programs and will be playing a key role in collaboration

with TIRA to bring the 1st ever Bima Show.

- TIBA held its 4th Annual Sports Day which included Golf, Tennis, Snooker and Football. The event was

highlighted as the largest event held at The Dar Es Salaam Gymkhana Club with over 300+ participants

and delegates.

- TIBA contributed to the DRAFT EAC Insurance Bill.

- TIBA has taken action on reported cases of undercutting in the Insurance Industry.

- TIBA has reported to TIRA on non-registered foreign nationals selling Insurance in Tanzania. (Action was

taken by TIRA and the culprits were locked and later deported).

- TIBA has written to all Vehicle Importation firms on the new Marine Insurance requirements.

- TIBA has ensured a strong relationship with TIRA for the benefit of its members and has been supported by

TIRA through extension of License renewal requirements.

- TIBA now has over 125 registered members which has been an increase of approximately 40% from the

time when the Governing Council was elected.

- TIBA has participated in the Finance Industry Stakeholders meeting and has started working on key studies

for the Industry and Broking fraternity.

*Kindly note that no Governing Council member is allocated any sitting allowance nor any travelling allowance*

TIBA PRESENTATION

2018 – YEAR IN PICTURES

4th ANNUAL TIBA SPORTS DAY

TIBA PRESENTATION

AGM - 2018

UPCOMING EVENTS – 2018

- TIBA is fully engaged to participate in the IFM Career Day

- 3rd Annual Insurance Awareness Walk

- 4th Annual TIBA Brokers Day

- Attendance at the AIBK Regional Conference

- Attendance at the EAIBA Conference

- TIBA will fully participate in the organizing of the upcoming OESAI Conference to be held in Arusha at the

end of August 2018.

- Representation at the Insurance Day under The Insurance Institute of Tanzania

- Participation at TPSF events

- Participation at all Industry level/ related events

TIBA PRESENTATION

AGM - 2018

RESOLUTIONS OF THE 3rd ANNUAL INSURANCE BROKERS DAY (AND ACTION TAKEN)

In total, 10 Key resolutions were made at the 3rd Annual Insurance Brokers Day;

1) TIBA to ensure continuity of sponsorship and support towards The IFM.

- TIBA continues support to The IFM through sponsorship at this years’ Careers Day and Best Student Awards.

2) TIBA to continue participation and sponsorship at Key Industry events.

- TIBA sponsored and participated at the Al-Huda Islamic Summit in April 2018

- TIBA continues to sponsor well deserving candidates with Scholarships (3 in 2017 and 3 in 2018)

3) TIBA to continue with Public Awareness initiatives through activities such Annual Sports Day increasing

Awareness, Annual Brokers Day and the like

- TIBA sports day has been the largest event at The DGC

- TIBA is working on 4th Annual Brokers Day and 3rd Annual Insurance Awareness Walk

4) TIBA to continue reporting cases of Malpractice and Forced Selling/ Tying arrangements in the Industry and

support the Regulatory Authority

- TIBA has reported Banks that practice Tying Arrangements to The FCC and TIRA

- TIBA has taken action on reported cases of Undercutting

- TIBA is working towards a self-regulating market

5) TIBA to promote all new amendments including the Marine Insurance Law

- TIBA has placed continuous ADs in Newspapers and Magazines to push awareness in the Industry

TIBA PRESENTATION

AGM - 2018

RESOLUTIONS OF THE 3rd ANNUAL INSURANCE BROKERS DAY (AND ACTION TAKEN)

6) TIBA to continue advising and participating in TIRA initiatives which promotes its members interests and the

Industry.

- TIBA has ensured full support towards all initiatives of TIRA.

7) TIBA to support the initiative to ensure NIL outstandings in the Industry.

- TIBA is working with the Regulatory Authority and supporting its members to ensure on this achievement.

8) TIBA to increase its % contribution to the Industry.

- TIBA is working on this through its Governing Council.

9) TIBA to work towards a proposal of achieving a 100% Intermediary market.

- TIBA Governing Council is working on this initiative to prepare an Advisory Note for our Commissioner

10) TIBA to monitor and take action incase of any reported cases of malpractice from its members.

- TIBA continues to work on these items through its Governing Council and Disciplinary Committee

TIBA PRESENTATION

THANK YOU