Rule · NAMFISA · 10 Nov 2008

Circular PI/STI/3/2008 Implementation Brokers & Agent

Registered short-term insurance companies must cease charging administration fees effective 1 December 2008. Additionally, brokers are required to transfer data of all clients' insurance portfolios to the insurer on or before 30 June 2009.

NamibiaNamibia Financial Institutions Supervisory Authority

November 10, 2008

Enquiries: GMT Kirsten

Circular Letter: PI/STI/3/2008

TO: ALL REGISTERED SHORT-TERM INSURANCE COMPANIES

RE: OPERATIONS OF INSURANCE BROKERS AND AGENTS

This circular is issued with reference to circular letter PI/STI/2/2008 dated 7 October 2008. The aforementioned circular focused on the current operation of Brokers and Agents.

The Registrar would like to inform that the matters mentioned below should be implemented as follows:

No administration fees should be charged effective 1 December 2008
Data of all clients' insurance portfolio kept by Brokers should be transferred to insurer before or on 30 June 2009

Yours sincerely

Rainer Ritter
REGISTRAR SHORT-TERM INSURANCE COMPANIES

Tel: +264 61 290 5000, Fax: +264 61 290 5158, PO Box 21250, Windhoek, Namibia, 154 Independence Ave, Sanlam Centre, www.namfisa.com.na

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Refers to

Circular PI_STI_2_2008 Broker and Agent operations2008 · NAMFISA
“This circular is issued with reference to circular letter PI/STI/2/2008 dated 7 October 2008.”