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Periodical article Periodical article Leiden University catalogue Leiden University catalogue WorldCat catalogue WorldCat
Title:National Insurance Corporation: vital to a socialist economy
Periodical:Tanzania Notes and Records
Geographic term:Tanzania
Abstract:In 1961, there was no indigenous insurance company transaction insurance company transaction insurance business in Tanzania. A number of foreign companies were operating through the media of agencies and/or branches and both life and general insurance business was being transacted by them. The National Insurance Corporation was incorporated on 16 Oktober 1963 and started underwriting life business from 1964. The business of life insurance was nationalised in Februari 1967, after which all new life insurance business was to be undertaken by the NIC only; the foreign insurances were, however, permitted to continue to service all policies issued by them until then and to receive premiums in respect thereof. In Januari 1968, the business of general insurance was taken over, thus completing nationalisation of the entire insurance industry in the country and making it the sole responsibility of the NIC to cater for all insurance needs of the country. A review is given of development that have taken place in thefield of insurance from Independence to the tenth anniversary of Uhuru. Photo.