Regulatory Alerts2004-12-14
Added
Circular Registration Levy PI-STI-1-2004
Levies for the levy year commencing April 1, 2005, remain unchanged for companies registered under the Short-term Insurance Act. Insurance companies must pay an annual levy equal to 1% of their gross premium income from the preceding financial year, while reinsurance companies must pay an annual basic levy of N$ 10,000. Payments are due in two equal installments, with the first due between September 30 and October 31, 2005, and the second due between March 31 and April 30, 2006. Overdue levies incur interest at the prevailing prime overdraft rate of First National Bank of Namibia.
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