Regulatory Alerts2021-11-10
Added · Updated
INS-S-2-6 Financial Reporting Requirements for Insurance Brokers
Issued by the Namibia Financial Institutions Supervisory Authority (NAMFISA) under the Financial Institutions and Markets Act, 2021, this standard mandates registered insurance and corporate brokers to submit audited or unadited annual financial statements alongside quarterly reports detailing premiums, remuneration, claims, complaints, and policy volumes. Submissions must be delivered manually or electronically to a designated NAMFISA account within 90 days of the financial year-end for annual reports and 30 days after each quarterly reporting period, with provisions for granted extensions. Brokers must maintain robust internal controls to ensure data accuracy and obtain explicit authorization from their Principal Officer or registered individual before filing.