Regulatory Alerts2001-12-04
Added
Circular-2001 – Medical Schemes and Re-Insurance
Registered medical aid schemes are prohibited from entering into transactions with insurance, re-insurance, or re-insurance/insurance companies unless the counterparty is licensed to do business in Namibia. Medical aid schemes are also forbidden from approaching re-insurance companies directly, as only licensed insurance companies may engage the re-insurance industry. Additionally, no insurance or re-insurance business may be placed outside Namibia without specific dispensation under applicable legislation. The document notes that remuneration structures will be effective August 1, 2004, and requires industry players to report any contraventions immediately.
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