Regulatory Alerts2014-07-09
Added · Updated
Entertainment of Insurance and Reinsurance Brokers
NAMFISA withdraws and replaces Directive Letter I/STI & LTI/05/2014 with this directive to prohibit registered insurers from incentivizing insurance and reinsurance brokers with benefits beyond monetary commission. Benefits, consideration, and payments totaling more than N$500.00 per annum per broker are forbidden as they create an intolerable conflict of interest. The N$500.00 annual limit does not apply to registered insurance agents. The Registrar will enforce section 69 of the LTI Act and section 68 of the STI Act against violators.
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