Regulatory Alerts2024-12-27
Added
I/STI/02/2024 – Submission of Revised Annual Returns (Annexure A)
All registered short-term insurers and reinsurers must complete and submit the revised annual return marked "Annexure A 1 (STI)" to the Registrar within six months after the end of their financial year. This requirement applies to financial years ending on or after 31 December 2024 and mandates that external auditors provide reasonable assurance on the submitted information and comparative data via a written report. The Registrar grants an extension for Regulation 8 returns concerning financial years ending between 31 December 2023 and 30 November 2024, allowing submission by no later than 31 May 2025. Non-compliance with submission timelines or the submission of incomplete and inaccurate returns renders the insurer or reinsurer liable for a fine of N$1,000.00 for each day during which the failure continues.
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