Regulatory Alerts2022-04-22
Added · Updated
Draft Proposed Standards Under the Financial Institutions and Markets Act, 2021
The Namibia Financial Institutions Supervisory Authority (NAMFISA) has published draft proposed standards under the Financial Institutions and Markets Act, 2021 to establish comprehensive governance, capital adequacy, liquidity, and conduct requirements for registered insurers, reinsurers, insurance brokers, and investment managers. These standards mandate specific board composition rules, independence criteria, committee structures, and tenure limits for insurers, while setting minimum capital of N$250,000 and liquidity buffers for investment managers. Financial institutions and industry associations are invited to submit written representations using the provided template within sixty days to influence the final adoption of these regulations.