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The Insurance Institute of Tanzania was registered with the Ministry of Home Affairs in 1996 as a local chapter of the Chartered Insurance Institute (CII) of London. To date, The Insurance Institute of Tanzania continues to operate as an affiliate of the UK-based association of insurance professionals.
The Insurance Institute of Tanzania was established to provide a proper forum and necessary facilities for the advancement, exchange, and improvement of insurance knowledge and practice in Tanzania and co-coordinating insurance activities and exchange of insurance knowledge, information, and expertise within and outside Tanzania.
The main objective of IIT is to provide, promote and coordinate world-class, innovative, sustainable, and accessible support to individuals and corporate members in insurance and risk management with passionate members, partners, and cutting-edge technologies to ensure the protection of the profession and the public.
The Institute is managed by a Governing Council which is voted into Office by the Annual General Meeting. Governing Council Members occupy the office for a period of two years after which they are eligible for reelection.
The Institute was referred to in the Insurance Act of 1996 and again in the Insurance Act of 2009 as one of the professional bodies in the market of which members in the industry are required to join. It exists as a registered Non-governmental organization.
In order to achieve this mission, the IIT makes every effort to have a proper balance between the creation of value for members on one hand and proper professionalism enforcement so as to be able to set standards that respond to industry contemporary demands and revolutions. The IIT constant improvement efforts will by and large hub on value enhancement programs and infrastructure development.
The Institute is managed by a Governing Council which is voted into Office by the Annual General Meeting. Governing Council Members occupy the office for a period of two years after which they are eligible for re-election. The Council comprises of the following:
The Governing Council then elects management of the office which is headed by the Chief Executive Officer as shown and indicated in the Organizational structure below;
To provide, promote and coordinate world-class, innovative, sustainable, and accessible support to individuals and corporate members in insurance and risk management with passionate members, partners, and cutting-edge technologies to ensure the protection of the profession and the public.
IIT envisages being a premier setter of insurance educational and professional standards in Africa and beyond.
01. To provide and maintain facilities for the promotion of efficiency, progress, and general development among persons engaged in insurance
02. To encourage and assist in the study of insurance and to offer rewards or other prizes for research on any work bearing on insurance.
03. To cultivate and promote friendly business relations between members of the Institute.
04. To form and maintain a library for the use of members of the Institute and people engaged in the insurance industry generally.
05. Generally, to hold meetings for the discourse of professional affairs, interests, and duties. To conduct panel discussions, lectures, and presentations of professional papers and publication of such papers.
06. To ascertain the law and practice relating to Insurance by collecting leading precedents in insurance case law and cultivating general awareness of the international trend of the insurance law and practice with a view to forming a strong body of expert opinion on matters and issues relating to insurance.
07. To inculcate into the members a strong sense of professional conduct with a view to uphold the principle of Utmost Good faith upon which all insurance business is based.
08. . To conduct legitimate fundraising activities with a view to realizing its objectives.
09. .To establish an Insurance Benevolent Fund from which members of the Institute and their dependents who fall on hard times may seek help.
10. .To cultivate and promote friendly business relations between members of the Institute.
11. .To do all such other lawful things as are incidental or conducive to the attainment of the above objectives.