Regulatory Alerts2024-08-16
Added · Updated
Draft Proposed Standards on Capital Adequacy Requirements for Registered Insurers and Reinsurers
The Namibia Financial Institutions Supervisory Authority (NAMFISA) has published draft standards establishing capital adequacy requirements for all registered insurers and reinsurers under the Financial Institutions and Markets Act, 2021. The regulations mandate that these entities maintain Minimum Capital Requirements and Solvency Capital Requirements calculated from net written premiums, operating expenses, and technical liabilities, while restricting dividend distributions and capital reductions until certified by a qualified valuator. Non-compliant institutions face tiered regulatory interventions and monthly penalties, alongside strict quarterly electronic reporting and annual actuarial certification obligations.