ARRANGEMENT OF SECTIONS
1. Short title.
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.
DUTY OF THE CORPORATION
7. Duty of Corporation to provide adequate insurance services.
8. Corporation may carry on life insurance business.
9. Subsisting life policies.
10. Investment of premium income.
11. Policies payable in foreign currency.
INSURANCE OTHER THAN LIFE INSURANCE
12. Application of Part IV.
14. Subsisting policies.
15. Minister may restrict insurance business in interim period.
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.
19. Responsibilities of directors, managers, etc.
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]
4 of 1967
18 of 1996
PRELIMINARY PROVISIONS (ss 1-2)
This Act may be cited as the Insurance (Vesting of Interests and Regulation) Act.
(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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