Regulatory Alerts2005-02-23
Added
Clarification on Registration of In-House Short-Term Insurance Agents, Brokers and Re-Insurance Brokers
The Namibia Financial Institutions Supervisory Authority clarifies that any person contracted with a registered broker, agent, or insurer to provide financial advice on insurance constitutes an in-house short-term agent or broker. Under section 53 of the Short-term Insurance Act, such individuals must be registered to carry on this business, and unregistered in-house agents conducting insurance business are liable for prosecution as of 16 March 2005. Principal officers of short-term insurance agents, brokers, and re-insurance brokers are required to ensure their in-house agents register before this deadline.