Regulatory Alerts2022-04-19
Added · Updated
Draft Proposed Capital Adequacy Standards for Registered Insurers and Reinsurers
The Namibia Financial Institutions Supervisory Authority (NAMFISA) has published draft proposed standards establishing capital adequacy requirements for all registered insurers and reinsurers under the Financial Institutions and Markets Act, 2021. The standards mandate that entities maintain a Minimum Capital Requirement and Solvency Capital Requirement calculated through specified formulas, while requiring quarterly electronic reporting and annual certified actuarial reports to the regulator. Non-compliant institutions face tiered regulatory interventions and monthly penalties of N$25,000 for breaches, with a public consultation period open until 28 February 2022 to submit written representations.