Regulatory Alerts2022-04-19
Added · Updated
Government Gazette No. 7784 – NAMFISA Draft Proposed Standards Under the Financial Institutions and Markets Act, 2021
The Namibia Financial Institutions Supervisory Authority (NAMFISA) has published draft proposed standards under the Financial Institutions and Markets Act, 2021 to establish comprehensive governance, registration, and operational requirements for financial entities. These standards mandate specific board composition, independence criteria, and committee structures for registered insurers and reinsurers, prescribe a standardized registration certificate format for insurance brokers, and enforce minimum capital, solvency, liquidity, and conduct obligations for investment managers. All affected financial institutions, intermediaries, and industry associations are invited to submit written representations within sixty days to influence the final issuance of these regulations.