Regulatory Alerts2024-04-25
Added
I/LTI/01/2024 & I/STI/01/2024 – Extension Requests for Submission of Information by Registered Insurers and Reinsurers
The Namibia Financial Institutions Supervisory Authority (NAMFISA) discourages registered long-term and short-term insurers and reinsurers from submitting extension requests for Quarterly Returns and Audited Annual Financial Statements on or shortly before the due date, recurrently, or without just and equitable grounds. Failure to comply with the prescribed submission timelines of 30 calendar days for quarterly returns and six months for annual statements may result in penalties under the Short-Term Insurance Act or Long-Term Insurance Act. Additionally, the submission of incomplete or inaccurate returns is treated as a non-submission, subject to daily penalties until remedied.
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