Regulatory Alerts2024-02-13
Added
Draft – Circular STI CIR_13022024: Proposed Amendments to Short-Term Insurance Regulations
NAMFISA proposes amendments to the Short-Term Insurance Regulations to update investment limits and definitions for registered short-term insurers and reinsurers. Key changes include defining 'Multilateral development bank' and 'Policyholder assets', expanding 'domestic asset' categories to include Bank of Namibia bonds, and adding Multilateral development bank bonds with a 95% limit. The draft also adjusts market capitalization thresholds for ordinary shares to N$2 billion, deletes Item 11, and restricts investment limits to policyholder assets, with comments due by 31 March 2024.
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