Regulatory Alerts2022-04-19
Added · Updated
Draft Proposed Standards on Capital Adequacy Requirements 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 these entities maintain Minimum and Solvency Capital Requirements based on net written premiums, operational expenses, and technical liabilities, while requiring quarterly electronic reporting and annual certified actuarial reports. Registered entities must notify NAMFISA of any capital breaches within seven working days, face escalating intervention levels and monthly penalties for non-compliance, and may submit written representations regarding the draft standards by 28 February 2022.