Regulatory Alerts2022-02-10
Added · Updated
Draft Proposed Standards under the Financial Institutions and Markets Act 2021
The Namibia Financial Institutions Supervisory Authority has published draft proposed standards under the Financial Institutions and Markets Act 2021 to establish capital adequacy requirements for registered insurers and reinsurers. The framework mandates specific Minimum Capital Requirements and Solvency Capital Requirement calculations, defines qualified actuaries as valuators, and requires quarterly electronic reporting alongside annual certified actuarial reports. Registered entities must notify the regulator of capital breaches within seven days, submit remedial action plans, and face monthly penalties for non-compliance while ensuring dividends are paid only when capital adequacy is maintained.