Regulatory Alerts2022-04-19
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 establishing qualification criteria for valuators and detailed capital adequacy requirements, including Minimum Capital Requirements and Solvency Capital Requirements, for registered insurers and reinsurers. These standards mandate strict reporting protocols, dividend distribution rules, and tiered intervention measures with monthly penalties for non-compliance to ensure financial institutions maintain adequate admissible assets against technical liabilities. Industry stakeholders may submit written representations using the provided template to NAMFISA by 28 February 2022, which will directly inform the final issuance of these regulatory measures.