Regulatory Alerts2023-04-05
Added · Updated
Capital Adequacy Requirements for Registered Insurers and Reinsurers
The Namibia Financial Institutions Supervisory Authority issues capital adequacy standards requiring registered insurers and reinsurers to maintain Minimum Capital Requirement Floors and Solvency Capital Requirements tailored to their specific business classes. Entities must hold admissible assets above technical liabilities, file quarterly and annual reports via the Electronic Regulatory System, and secure board valuator certification before distributing dividends or reducing capital. The framework mandates immediate breach notifications for capital shortfalls, thirty-day remedial action plans, and monthly penalties of up to N$25,000 for persistent non-compliance.
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