CHAPTER 349
INSURANCE (VESTING OF INTERESTS AND REGULATION) ACT

[PRINCIPAL LEGISLATION]

ARRANGEMENT OF SECTIONS

   Section

Title

PART I
PRELIMINARY PROVISIONS

   1.   Short title.

   2.   Interpretation.

PART II
VESTING OF SHARES AND COMPENSATION

   3.   Vesting of shares.

   4.   Effect of reduction in the membership of the Corporation.

   5.   Construction of instruments affecting shares.

   6.   Compensation.

PART III
DUTY OF THE CORPORATION

   7.   Duty of Corporation to provide adequate insurance services.

PART IV
LIFE INSURANCE

   8.   Corporation may carry on life insurance business.

   9.   Subsisting life policies.

   10.   Investment of premium income.

   11.   Policies payable in foreign currency.

PART V
INSURANCE OTHER THAN LIFE INSURANCE

   12.   Application of Part IV.

   13.   [Repealed.]

   14.   Subsisting policies.

   15.   Minister may restrict insurance business in interim period.

PART VI
GENERAL POWERS OF MINISTER FOR PROTECTION OF POLICY HOLDERS

   16.   Minister may require information.

   17.   Minister may require deposit of securities.

   18.   Minister may appoint receiver.

PART VII
MISCELLANEOUS PROVISIONS

   19.   Responsibilities of directors, managers, etc.

   20.   Regulations.

CHAPTER 349
THE INSURANCE (VESTING OF INTERESTS AND REGULATION) ACT

An Act to take over shares in the National Insurance Corporation and to make provision for the protection of policy holders.

[12th February, 1967]
[s. 1(2)]

Acts Nos.
4 of 1967
18 of 1996

PART I
PRELIMINARY PROVISIONS (ss 1-2)

1.   Short title

   This Act may be cited as the Insurance (Vesting of Interests and Regulation) Act.

2.   Interpretation

   (1) In this Act unless the context requires otherwise–

   "approved securities" means securities issued by the United Republic and such other securities as the Minister shall by notice in the Gazette approve;

   "contingent obligation dependent on human life" means–

   (a)   an obligation to pay to a particular person certain sums of money at specified intervals or a certain sum of money or to provide for a particular person a certain other benefit–

      (i)   on the occurrence of the death of a particular person or on the occurrence of the birth of a child to a particular person at any time or within a specified period; or

      (ii)   in the event of a particular person continuing to live throughout a specified period or specified periods; or

   (b)   an obligation assumed–

      (i)   until the occurrence of the death of a particular person; or

      (ii)   during a specified period or until the occurrence of the death of a particular person before the expiration of that period;

   "Corporation" means the National Insurance Corporation of Tanzania Limited;

   "insurance business" means the business of assuming the obligations of an insurer in any class of insurance business but does not include re-insurance business.

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