Regulatory Alerts2003-07-11
Added · Updated
Circular Letter PV/SI/1/2003: Undesirable Business Practice in Short-Term Insurance
NAMFISA instructs short-term insurers, reinsurers, brokers, agents, and hire purchase companies to cease conducting short-term insurance business in Namibia unless registered with the authority. Registered entities are ordered to immediately stop contracting with unregistered brokers, agents, and hire purchase companies, and to cease practices that restrict client choice in policy selection. This directive enforces Section 60 of the Short-term Insurance Act and Section 4(2)(h) of the NAMFISA Act, with a formal notice of undesirable conduct to be published in the Government Gazette under Section 25(3) of the Short-term Insurance Act.