Regulatory Alerts2026-07-13
Added
I/LTI/03/2026 & I/STI/03/2026 – Matters Related to the Implementation of FIMA, 2021 (Act No. 2 Of 2021)
All insurers and reinsurers in Namibia must comply with the Financial Institutions and Markets Act, 2021, with immediate effect from 13 July 2026. Entities previously registered under repealed legislation are deemed registered under the new Act, while those not registered must obtain registration or face criminal penalties including fines up to N$5 million or imprisonment. Insurers must appoint independent valuators within 90 days of 1 May 2026, maintain capital adequacy using IFRS 4 data, and adhere to strict outsourcing rules requiring prior approval for off-shoring and notification within 30 business days of agreements. Reporting obligations include submitting valuation reports within 180 days of year-end starting 1 May 2027, and annual financial statements within 90 days of year-end for financial years ending on or after 1 May 2027.
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