Circular Registration Levy PI-STI-1-2004

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NAMFISA NAMIBIA FINANCIAL INSTITUTIONS SUPERVISORY AUTHORITY

• Safeguarding the Nation's Wealth! -

December 14, 2004

Enquiries: Ms. N. N. Kutyowa

TO: ALL PRINCIPAL OFFICERS OF SHORT- TERM INSURANCE AND REINSURANCE COMPANIES

Circular Letter: PI/ST/1/2004

LEVY ON SHORT-TERM INSURANCE AND REINSURANCE COMPANIES

In terms of section 25 (1) of the Namibia Financial Institutions Supervisory Authority Act, (Act no. 3 of 2001), all registered persons are required to pay levies to NAMFISA.

Kindly, be informed that the levies for the coming levy year (commencing April 01, 2005 to March 31, 2006) will remain unchanged; therefore every company registered in terms of section 16 of the Short-term Insurance Act, (Act no. 4 of 1998) will be required to pay the following levy:

(a) Insurance companies must pay an annual levy equal to 1% of the insurer' gross premium income for the last financial year preceding the levy year, subject to adjustment after the end of the financial year in accordance with its actual gross premium income as reflected in its audited financial statements.

(b) Reinsurance companies must pay an annual basic levy equal to N$ 10, 000.

Annual levies must be paid in two equal installments, the first installment due on the 30 September 2005 to be paid not later than 31 October 2005 and the second installment due on 31 March 2006 to be paid not later than 30 April 2006.

The levies payable in term of this notice must be paid to the Namibia Financial Institutions Supervisory Authority (NAMFISA) via a deposit into the bank account, or paid at the office. The bank particulars are as follows:

Account No: 62062664141 First National Bank Namibia Windhoek Corporate Branch (Branch Code No. 281872)

Interest will be charged on amount of overdue levies at the rate equal to the prevailing prime overdraft rate of First National Bank of Namibia. The levies referred to in this notice are at VAT-exempt.

The Namibia Financial Institutions Supervisory Authority would like to take this opportunity to express our appreciation for the effort respective companies have been making to honour the prescribed levies on time.

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• P.O. Box 21250 Windhoek NAMIBIA • 154 Independence Avenue • 8th Floor, Sanlam Centre • Tel: (+264 61) 290 5000 • Fax: (+264 61) 256303 • E-Mail: info@namfisa.com.na

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Your continued cooperation and support in this process is greatly appreciated.

Should you have any questions, please contact us at anytime.

Yours truly,

Marcelina Gaoses Deputy Registrar (GM): Provident Institutions FOR REGISTRAR: SHORT-TERM INSURANCE

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