Regulatory Alerts2016-02-08
Added
Directive on Personal Accident Insurance Policies
Registered short-term insurers and reinsurers must cease offering personal accident insurance benefits for non-accident related deaths, such as those caused by illness or suicide. This prohibition applies immediately to new policies and requires existing policies to exclude such coverage upon their renewal dates. Entities must notify insured persons in writing of these changes and inform them of their right to seek coverage from registered long-term insurers. Written confirmation of compliance must be submitted to the Registrar by 1 April 2016, with a daily fine of N$1,000 imposed for late submission.
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