Regulatory Alerts2015-04-09
Added
Circular on Issuance of Fraudulent Insurance Policies
Agents, brokers, and insurers are instructed to immediately cease issuing unauthorized or fraudulent insurance policies and implement internal verification mechanisms to authenticate proposal forms and policies. Insurers must submit Board-approved assurances confirming these measures are effective to the Registrar by 30 April 2015. Future non-compliance triggers enforcement under sections 57 and 59 of the respective Insurance Acts, with contraventions of sections 66 and 67 pursued to the fullest extent of the law and reported to the Namibian Police for criminal investigation.