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 1 st 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 21 st March 2015, TIBA held the 1 st 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.
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 16 th October 2015, TIBA held the 1 st 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/ IFM TRAINING SESSIONS and SPONSORSHIPS TIBA/ KPMG TRAINING SESSIONS
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 2 nd 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 2 nd Annual Brokers Day on 24 th 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 1 st 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 1 st of such complaints against Financial Institutions who were operating unethically. TIBA signed the 1 st 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 1 st 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 EAIBA / REGIONAL CONFERENCE TIBA 2 ND ANNUAL GOLF DAY TIBA 2 nd ANNUAL CONFERENCE
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