RegAlert

Enforcement · NAMFISA · 21 May 2003

Cancellation of Insurance Brokers Certificates of Registration

insurance
enforcement

The Registrar of Long-Term Insurance cancels the registration of seven specified insurance brokers with immediate effect due to their failure to maintain Professional Indemnity Insurance cover as required by section 56 (2) of the Long-term Insurance Act, 1998. The affected entities are Albatross Insurance Brokers, Gert Pearson Van Wyk brokers, Golden Life Financial Brokers Cc, Husselman Insurance Brokers, Martin Borman T/A Global Investments brokers, Oshakati Financial Services (Brokers), and Strataghem Financial Services brokers. NAMFISA advises all companies and individuals engaged in long-term insurance business with these brokers to immediately cease such activities and associations.

NamibiaNamibia Financial Institutions Supervisory Authority

NAMFISA
NAMIBIA FINANCIAL
INSTITUTIONS SUPERVISORY AUTHORITY
— Safeguarding the Nation's Wealth! —

May 21, 2003

Enquiries: Ms S. Kapadhi

To: The Principal Officers of All Long-term Assurers The Chairperson: LAAN The Chairperson: NIBA The Chairperson: AIM

Dear Sir/Madam

RE: CANCELLATION OF INSURANCE BROKERS CERTFICATES OF REGISTRATION (section 59 (1) of the Long-term Insurance Act, 1998)

In terms of section 56 (2) of the Long-term Insurance Act, 1998, every registered insurance broker must maintain a Professional Indemnity Insurance cover. Despite several notices/reminders served to respective registered brokers concerned, the following brokers have not reacted and their registration has thus been cancelled with immediate effect.

  1. Albatross Insurance Brokers
  2. Gert Pearson Van Wyk brokers
  3. Golden Life Financial Brokers Cc
  4. Husselman Insurance Brokers
  5. Martin Borman T/A Global Investments brokers
  6. Oshakati Financial Services (Brokers)
  7. Strataghem Financial Services brokers

Take note that the brokers listed above are no longer complying with the provisions of the Long-term Insurance Act, 1998. Therefore, NAMFISA advise all companies and/or individuals doing long-term insurance business with these brokers to immediately cease such activities and/or association.

We trust you will find the above in order. Should you still need more clarity, please do not hesitate to contact us.

Yours faithfully

Marcelina Gaoses
General Manager: Provident Institutions
FOR REGISTRAR: LONG-TERM INSURANCE

  • P.O. Box 21250 Windhoek NAMIBIA • 154 Independence Avenue • 8th Floor, Sanlam Centre
  • Tel: (+264 61) 290 5000 • Fax: (+264 61) 256303 • E-Mail: info@namfisa.com.na

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The documents this one cites, and the documents that cite it.

Long-term Insurance Act, 1998Not in RegAlertLong-term Insurance Act, 1998 — Not in RegAlertCancellation of InsuranceBrokers Certificates of Regis…2003-05-21 · this documentCancellation of Insurance Brokers Certificates of Registration (2003-05-21)
amendssupersedesissued underrefers todashed card: not in RegAlert (or proposed)arrows run from the older text to the one that changes it
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  • Long-term Insurance Act, 1998Not in RegAlert

    “In terms of section 56 (2) of the Long-term Insurance Act, 1998, every registered insurance broker must maintain a Professional Indemnity Insurance cover.”

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Source: Namibia Financial Institutions Supervisory Authority — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works

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