Regulatory Alerts2024-10-11
Added · Updated
Insurance and Medical Aid Fund Industry Comments on the Outsourcing Standard
The Namibia Financial Institutions Supervision Authority issued General Standard 10.10-2024 to regulate how financial institutions and intermediaries outsource material business functions, prompting extensive industry feedback on key definitions. Regulators declined requests to remove the term "material" or permit full outsourcing of principal business, maintaining that core regulatory obligations must remain with the licensed entity while support functions may be insourced to related parties. The standard adopts a principle-based, risk-focused approach requiring entities to proportionally apply outsourcing requirements based on their specific size, complexity, and operational risks.
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