Foreign shareholding in insurance companies is limited to 67%
PART III - CAPITAL AND OTHER REQUIREMENTS OF INSURERS OTHER THAN ASSOCIATIONS OF UNDERWRITERS
15. This Part shall only apply to insurers who are not associations of underwriters.
16.-{ 1) An insurer shall not be registered as an insurer within the United Republic unless it is a body corporate incorporated under the Companies Act or any other law in the United Republic and is deemed to be resident in Tanzania and at least one third of the controlling interest, whether in terms of shares, paid up capital or voting rights are held by citizens of Tanzania and at least one third of the members of the board of that company are citizens of Tanzania.
(2) For the purpose of this section "citizens of Tanzania" includes a body corporate registered in the United Republic in which a citizen of Tanzania or the Government holds the majority ofthe shares.
[...]
PART VI - REGISTRATION OF INSURANCE BROKERS, AGENTS AND AGENTS FOR BROKERS, ETC.[...]
67. An insurance broker registered to conduct business or seeking registration shall satisfy the Commissioner that-
(a) it is a limited company, that-
(i) has been registered under the Companies Act; (ii) has a principal office in Tanzania; (iii) is a member of Association of Insurance Brokers in Tanzania; (iv) its director, controller, manager, or principal officer who handle the day to day management of the company are all resident in Tanzania; (v) its director, manager, controller and principal officer are persons with sufficient knowledge and experience in insurance business;
(b) at least one third ofthe controlling interest whether in terms of shares, paid-up capital or voting rights are held by citizens of Tanzania; and
(c) ifhe is an individual person that- (i) he has a permanent established office in Tanzania; (ii) he will be a resident in Tanzania for more than two hundred days per calendar year; and (iii) he is a person with sufficient business and knowledge and experience in insurance industry.[...]" (The Insurance Act, 2009).

The Insurance Act, 2009
[<a href="https://www.tira.go.tz/sites/default/files/Insurance%20Act%20No%2010%20of%202009.pdf">Act</a>]