Regulatory Alerts2015-09-02
Added
Foreign Insurance and Reinsurance Exemption Applications
The requirement for exemption or dispensation applications to include quotations from all registered insurers and reinsurers is limited to those registered to conduct business in the specific class of short-term insurance for which the exemption is sought. For example, if an application pertains to marine insurance, quotations are only required from the registered entities authorized to provide marine insurance cover. The submitted quotations must specifically indicate whether the insurer or reinsurer is willing to participate in co-insurance and underwrite a portion of the risk.
NAMFISA NAMIBIA FINANCIAL INSTITUTIONS SUPERVISORY AUTHORITY
Enquiries: Mr K Urikhob
2 September 2015
To: All the Principal Officers of reinsurance and insurance companies All the Principal Officers of insurance brokers Namibia Insurance Association (NIA), Namibia Insurance Brokers Association (NIBA),
Dear All,
APPLICATIONS: FOREIGN INSURANCE AND REINSURANCE EXEMPTION
Our previous communication dated 29 May 2015 in respect of the above matter refers.
Take note that the requirement for exemption/dispensation applications to be accompanied by quotations from all registered insurers and reinsurers is only applicable from all registered insurers or reinsurers registered to conduct business in respect of the class of short-term insurance for which the exemption application is required, as indicated below. Therefore, if for example, the insurance or reinsurance exemption application pertains to marine insurance cover and only 10 of the registered insurers or reinsurers are registered to provide marine insurance cover, then quotations from the 10 registered insurers or reinsurers which are registered to provide marine insurance will be sufficient.
| LIST OF REGISTERED SHORT-TERM INSURERS/REINSURERS | |||
|---|---|---|---|
| NO. | LICENSE | NAME OF INSURANCE ENTITY | CLASSES REGISTERED FOR |
| 1. | 98/ST/01 | Outsurance Insurance Company of Namibia Ltd | All 8 classes |
| 2. | 99/ST/03 | Old Mutual Short-Term Insurance Company (Namibia) Ltd | All 8 classes |
| 3. | 98/ST/05 | Santam Namibia Ltd | All 8 classes |
| 4. | 98/ST/06 | Corporate Guarantee and Insurance Company of Namibia Ltd | All 8 classes |
| 5. | 00/ST/09 | Nasria | All 8 classes |
| 6. | 00/ST/13 | Trustco Insurance Ltd | All 8 classes |
| 7. | 03/ST/14 | Hollard Insurance Ltd | All 8 classes |
| 8. | 03/ST/15 | Alexander Forbes Insurance Company Ltd | All 8 classes |
| 9. | 04/ST/16 | Western National Insurance company Ltd | All 8 classes |
| 10. | 06/ST/18 | Prosperity Insurance Ltd | All 8 classes |
| 11. | 08/ST/20 | Ripley's Insurance Ltd | currently dormant 1 class: Miscellaneous |
| Miscellaneous | |||
| 13. | 15/ST/29 | Quanta Insurance Ltd | All 8 classes |
| 14. | 15/ST/30 | Phoenix Namibia Assurance Company Ltd | All 8 classes |
| 15. | 01/ST/07 | Namibia National Reinsurance Corporation Limited | All 8 classes |
The quotations from the above-mentioned insurers and reinsurers should specifically indicate whether the insurer or reinsurer is willing to participate in co-insurance and underwrite a portion of the risk.
We trust that you will find the above in order but should you require any additional information, please do not hesitate to contact Mr. K. Urikhob at +264-061-290 5148 or email: kurikhob@namfisa.com.na.
Yours sincerely,
L. Grace Mohamed General Manager: Insurance Division FOR THE REGISTRAR OF SHORT-TERM INSURANCE
Tel: +264 61 290 5000, Fax: +264 61 290 5157, PO Box 21250, Windhoek, Namibia, 154 Independence Ave, Sanlam Centre, www.namfisa.com.na
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