Regulatory Alerts2021-11-10
Added · Updated
INS-S-2-7 Fair Treatment Industry
The Namibia Financial Institutions Supervisory Authority (NAMFISA) issued Standard No. INS.S. 2.7 under the Financial Institutions and Markets Act, 2021 to govern registered insurance intermediaries. The standard requires these entities to deliver suitable, clearly explained advice at the point of sale and ensures clients encounter no unreasonable barriers when switching policies or filing claims. It further prohibits misrepresentation, tied selling, unfair claim delays, and improper referral fees while mandating the disclosure of lowest available rates and strict adherence to a written code of conduct.