Regulatory Alerts2024-12-27
Added
Directive I/LTI/02/2024 – Submission of Revised Annual Returns (Annexure B)
All registered long-term insurers and reinsurers must submit the annual return template marked "Annexure A 2 (LTI)" within six months after the end of their financial year, replacing the previous requirement for agreed upon procedures with a mandate for external auditors to provide reasonable assurance via a written report. This requirement applies to all financial years ending on or after 31 December 2024 and mandates that annual returns include comparative information from the immediately preceding financial year with similar auditor assurance. An extension is granted for Regulation 15 returns for financial years ending between 31 December 2023 and 30 November 2024 with a deadline of 31 May 2025, and failure to comply with submission timelines or accuracy standards incurs a fine of N$1,000.00 for each day the failure continues.
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