Regulatory Alerts2022-04-19
Added · Updated
Government Gazette No. 7713 – Draft Proposed Insurance Capital Adequacy Standards
The Namibia Financial Institutions Supervisory Authority (NAMFISA) has published draft proposed standards under the Financial Institutions and Markets Act, 2021 to establish capital adequacy requirements for registered insurers and reinsurers. The standards mandate specific Minimum Capital Requirement Floors ranging from N$200,000 to N$12,000,000 based on business type, alongside Solvency Capital Requirements that act as a 95% confidence risk cushion. Registered entities must submit quarterly electronic and annual actuarial reports, notify breaches within seven days to avoid monthly penalties of N$25,000, and may submit written representations by 28 February 2022 to influence the final rules.