Regulatory Alerts2021-11-10
Added · Updated
INS.S.2.10 – Point of Sale Information
The Namibia Financial Institutions Supervisory Authority issued Standard INS.S.2.10 to mandate registered insurers, agents, and brokers to provide comprehensive point-of-sale disclosures to policyholders and potential policyholders. The regulation requires these entities to deliver clear, written information detailing product features, premiums, fees, risks, exclusions, and client rights before contract conclusion, ensuring disclosures are free of charge, properly timed, and formally acknowledged. Compliance hinges on prioritizing material information quality over quantity, obtaining written client acknowledgments, and clearly explaining disclosure obligations alongside cancellation and claims rights to facilitate informed purchasing decisions.