Regulatory Alerts2008-10-06
Added
Circular PI-STI-3-2008 Operation of brokers and agents
The Registrar approves specific payment instruments for use by insurers under Regulation 5(3), including cheques, internet electronic payments, ATM transfers, bank transfers, cell phone banking, and cash. This approval satisfies the regulatory requirement that payments be completed or in process via predefined instruments. The circular explicitly states that only the insurer carries the responsibility for using these collection instruments.
October 6, 2008
Enquiries: GMT Kirsten
Circular Letter: PI/STI/3/2008
TO: ALL REGISTERED SHORT-TERM INSURANCE COMPANIES
RE: OPERATIONS OF INSURANCE BROKERS AND AGENTS
Introduction The banking sector continuously creates payment instruments for their clients. These instruments are than used to pay premiums or to collect premiums.
Purpose The purpose of this circular is to provide the stakeholders with a list of the instruments that is approved by the regulatory Authority as required per Regulation 5(3).
Regulation 5(3) requires that payments must either be completed or in process of payment via predefined instruments, like stop orders, credit cards or debit orders and other instruments that are approved by the Registrar.
These other instruments that are hereby approved by the Registrar in this circular are:
- Cheques, either paper or electronic cheques.
- Internet Electronic Payments.
- ATM transfers.
- Bank transfers
- Cell phone banking.
- Cash.
Please be reminded that only the Insurer carries the responsibility to use collection instruments.
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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