INS-S-2-6 Financial Reporting Requirements for Insurance Brokers

GOVERNMENT NOTICE
MINISTRY OF FINANCE
No.2
2021
STANDARD ISSUED IN TERMS OF THE FINANCIAL INSTITUTIONS AND MARKETS ACT, 2021 The Namibia Financial Institutions Supervisory Authority has under section 410(3) of the Financial Institutions and Markets Act, 2021 (Act No. 2 of 2021), issued the Standards set out in the Schedule. Gersom Katjimune Chairperson Windhoek, 2021
SCHEDULE

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FINANCIAL INSTITUTIONS AND MARKETS ACT, 2021 [Act No. 2 of 2021] Financial reporting requirements for insurance brokers Standard No. INS.S. 2.6 issued by NAMFISA under section 410(3)(t) of the Financial Institutions and Markets Act, 2021 Definitions

1. (1) In this Standard―
   (a) “Act” means the Financial Institutions and Markets Act, 2021 [Act No. 2 of 2021], and includes the regulations prescribed under the Act and the standards and other subordinate measures issued by NAMFISA under the Act; (b) “IFRS” means International Financial Reporting Standards; and (c) “GAAP” means Generally Accepted Accounting Practice, as defined in section 1 of the Act. (2) Words and phrases defined in the Act have the same meaning in this Standard, unless the context indicates otherwise, including without limitation, the following:
   (a) NAMFISA, as defined in section 1 of the Act; (b) as defined in section 4 of the Act― (i) foreign insurer; (ii) registered insurer; (iii) registered reinsurer; (c) as defined in section 53 of the Act― (i) insurance broker; (ii) reinsurance broker; (iii) registered insurance broker; (iv) corporate insurance broker; and (v) registered corporate insurance broker.
2. This Standard applies to all registered insurance brokers and registered corporate
   insurance brokers.

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Information required
3. A registered insurance broker is required to submit to NAMIFSA on an annual basis, in the
form and manner set out in clause 5;
(a) where an insurance broker is a registered pty ltd company,the audited annual financial statements of the insurance broker prepared in accordance with IFRS or GAAP, together with the report of the auditor. (b) where an insurance broker is a CC or other, unadited annual financial statements of the insurance broker prepared in accordance with IFRS or GAAP.
4. A registered insurance and reinsurance broker is required to submit the following
information to NAMIFSA on a quarterly basis, in the form and manner set out in clause 5:
(a) a latest certification of the financial soundness of the registered insurance and reinsurance broker that may be available; (b) the amount of premiums collected and paid to each registered insurer and reinsurer or foreign insurer or foreign reinsurer; (c) the amount of remuneration received from each registered insurer and registered reinsurer or foreign insurer or foreign reinsurer; (d) the amount of remuneration paid to any other registered insurance intermediary; (e) the amount of any other fees paid to or received from any registered insurer and registered reinsurer; (f) amount and number of claims paid by each registered insurer and registered reinsurer or foreign insurer and foreign reinsurer; (g) a report on all complaints received inclusive of how each complaint was dealt with; and (h) full details on the volume and types of policies sold. Forms and method of submission
5. The information required by this Standard must be submitted manually and electronically
to―
(a) the designated NAMFISA ERS user account; and (b) NAMFISA using either the postal or physical address. Reporting periods and due dates

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6. A registered insurance broker must provide the information required by this Standard―
(a) in the case of the annual information required by clause 3, 90 days after the financial year end of the registered insurance broker; and (b) in the case of the quarterly information required by clause 4, 30 days after the end of the reporting period to which the information relates.
7. Upon application to NAMFISA, NAMFISA may, by notice in writing, grant a registered
insurance broker an extension of a due date referred to in clause 6, in which case the new due date for the submission of the information will be the date specified in the notice of extension.
8. Notwithstanding clauses 3, 4 and 6, where NAMFISA considers it necessary and
reasonable to obtain information more frequently from a particular registered insurance broker, it may do so and may stipulate the frequency and form of that information. Accountability
9. A registered insurance broker must ensure that processes and controls are in place to
support the submission of accurate and reliable information to NAMFISA within the time periods specified in this Standard.
10. All information submitted to NAMFISA pursuant to this Standard must be duly authorised
and signed by the Principal Officer of a registered corporate insurance broker, or by the individual who is the registered insurance broker, as applicable. SUPPORTING SCHEDULES
11. The following supporting schedules are attached to and form part of this Standard:
Schedule 1: SOCI
Schedule 2: SOFP
Schedule 3: Form(s)-AFI IB
Schedule 4: Form(s)-NFI