Regulatory Alerts2023-04-05
Added · Updated
Capital Adequacy Requirements for Registered Insurers and Reinsurers
The Namibia Financial Institutions Supervisory Authority has issued Standard No. INS.S.2.1 to establish capital adequacy requirements for all registered insurers and reinsurers under the Financial Institutions and Markets Act, 2021. The standard mandates that entities maintain a Minimum Capital Requirement and Solvency Capital Requirement calculated through specific risk-based formulas, with capital buffers adjusted for cell captive structures. Registered entities must submit quarterly and annual capital reports via the electronic regulatory system, face immediate supervisory intervention and monthly penalties for breaches, and ensure board and valuator oversight of all capital calculations.
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