Regulatory Alerts2021-11-10
Added · Updated
Application for Registration of Insurers and Reinsurers (INS-S-2.3)
The Namibia Financial Institutions Supervisory Authority (NAMFISA) issued Standard INS-S-2.3 to prescribe the mandatory application procedures, documentation, and assessment criteria for public companies seeking registration as insurers or reinsurers under the Financial Institutions and Markets Act, 2021. Applicants must submit written applications containing five designated forms that verify corporate structure, minimum capital adequacy, fit and proper key personnel, and a three-year business plan supported by actuarial projections. The Standard mandates dual submission via the NAMFISA Electronic Regulatory System and physical channels, outlines strict seven-day correction periods for incomplete applications, and empowers NAMFISA to request additional information or personal representations before granting final approval.