Regulatory Alerts2021-11-10
Added · Updated
INS.S.2.1 – Capital Adequacy Requirements for Registered Insurers and Reinsurers
The Namibia Financial Institutions Supervisory Authority issued Standard INS.S.2.1 to establish capital adequacy requirements for all registered insurers and reinsurers under the Financial Institutions and Markets Act, 2021. The standard mandates that entities maintain capital exceeding the higher of their Minimum Capital Requirement and Solvency Capital Requirement, with specific Namibian dollar thresholds tied to net written premiums, operating expenses, and business class. It further enforces quarterly electronic reporting, annual actuarial certification, and a three-tier regulatory intervention framework that triggers remedial action plans or administrative takeover alongside monthly penalties for non-compliance.
Topics
Share