Clarification on Registration of In-House Short-Term Insurance Agents, Brokers and Re-Insurance Brokers

NAMFISA NAMIBIA FINANCIAL INSTITUTIONS SUPERVISORY AUTHORITY

• Safeguarding the Nation's Wealth! -

23rd February 2005

Enquiries: Mr. M H Pengeyo

TO: ALL PRICIPAL OFFICERS OF SHORT-TERM INSURANCE AGENTS, BROKERS AND RE-INSURANCE BROKERS

Circular Letter.PI/ST/1/2005

CLARIFICATION ON REGISTRATION OF IN-HOUSE SHORT-TERM INSURANCE AGENTS, BROKERS AND RE-INSURANCE BROKERS

Following our circular letter PI/ST/3/2004 dated 16th December 2004, we would like to give clarification on the registration of all in-house short-term agents/brokers of all registered brokerages and insurance companies.

An in-house short-term agent/broker is any person contracted with a registered broker, agent or insurer who provides financial advice on insurance. In terms of section 53 of the Short-term Insurance Act no person shall carry out the business of an insurance agent, broker or reinsurance broker or agent in Namibia, unless such person is registered to carry on any such business.

As from the 16th March 2005 any unregistered in-house agent carrying on insurance business will be liable for prosecution. It is thus advisable to register your in-house agent/broker before the above closing date.

Your full cooperation and support in this process will be greatly appreciated.

Yours truly,

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

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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NAMFISA NAMIBIA FINANCIAL INSTITUTIONS SUPERVISORY AUTHORITY

• Safeguarding the Nation's Wealth! -

APPLICATION FOR REGISTRATION AS A BROKER OR AN AGENT

Short-term Insurance Act No. 4 of 1998

I/We, the undersigned, do hereby apply for registration to carry on the business of insurance broker/ agent in Namibia in terms of Section 53 of the Short-term Insurance Act No. 4 of 1998.

1. Address of Head Office: ...........................................................................
2. Name of Broker/ Agent: ...........................................................................
3. Directors – Give names, Nationality and Country of Residence and details of other directorship held in respect of each directorship held in respect of each director: ....................................................................................................................... ....................................................................................................................... ....................................................................................................................... .......................................................................................................................
4. Name of Principal Officer: ...........................................................................
5. Address of Principal Officer: ....................................................................................................................... (a) Physical Address: ........................................................................... (b) Postal Address: ........................................................................... (c) Telephone No.: ...........................................................................

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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6. Name of Chief Executive Officer (if different from 4): .......................................................................................................................
7. Title of Chief Executive Officer: .......................................................................................................................
8. Name, Address and Qualifications of Auditor in Namibia: ....................................................................................................................... .......................................................................................................................
9. Countries in which applicant carries on business as a broker: ....................................................................................................................... .......................................................................................................................
10. Period of Financial Year: ...........................................................................
11. I attach the following: [ ] Registration fee N$ 200.00 [ ] Articles of Association or; [ ] Any document by which the applicant is constituted.
12. The applicant is a member of ............................... Controlling Body. Membership No.: ...........................................................................

I declare that the above particulars are true and correct to the best of our knowledge and belief and undertake to provide any other information, which may be required by the registrar.

Signature: ........................................................................... Full Name: ...........................................................................