Regulatory Alerts2004-07-27
Added
Dispensation Requirements Form
Registered Life Underwriters and Life Reinsurers must submit applications for reinsurance dispensation to the Registrar of Long-term Insurance Companies before placing premiums with foreign entities. Applications must include specific details such as risk type, reinsurance type, quotes from foreign insurers, and proof that local reinsurers cannot meet the terms. Requests must be filed at least 14 working days prior to the effective or renewal date, and placing risks outside Namibia without written authorization is illegal. Captive Insurance or Reinsurance arrangements are excluded from dispensation consideration.
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