The National Insurance Corporation of Tanzania (NIC) (T) was incorporated on 16th October 1963 with Government ownership of fifty-one percent (51%), while forty-nine (49%) was shared by Munich-Re, Swiss-Re, and Colin Hood Insurance Brokers Limited. The Corporation was authorized to transact Life and General Insurance business. After the Arusha Declaration in February 1967, NIC was nationalized and became 100% owned by the government and was the only insurance company in the country for about 30 years up to 1996 when the insurance industry was liberalized by the Insurance Act No. 18 of 1996 opening entry of private investors in the insurance sector. The legislation was later repealed by the Insurance Act No. 10 of 2009 which brought in the regulation of the insurance sector through the Tanzania Insurance Regulatory Authority.