Regulatory Alerts2002-12-31
Added
Directives for 2003 Levies, Financial Reporting and Namibianization
Registered long-term insurers must submit quarterly returns effective January 1, 2003, within 30 days of each quarter's end, using specified spreadsheet formats with figures rounded to the nearest thousand Namibian dollars. Insurers are required to appoint Namibian citizens as Principal Officers and ensure their Principal Offices are fully operational separate entities, with policy contracts drawn up under Namibian law and claims processed locally. All insurers have six months from the effective date to rectify and fully comply with these Namibianization directives.
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