Regulatory Alerts2005-03-17
Added
Deduction of Intermediary Levies by Insurers
All long-term insurance agents registered under section 55 of the Long-term Insurance Act, 1998, are required to pay an annual levy of N$1000.00 to the Namibia Financial Institutions Supervisory Authority (NAMFISA). To facilitate payment, registered insurance companies are encouraged to deduct these levies from in-house agents and remit a single lump sum directly to NAMFISA via bank deposit.
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