Regulatory Alerts2021-11-10
Added · Updated
Insurance Terms Defined for Short-Term and Long-Term Business
The Namibian Minister of Finance issued Regulation INS.R.2.2 to define key insurance terms for registered insurers and reinsurers under the Financial Institutions and Markets Act, 2021. The regulation establishes precise definitions for gap insurance and health policies across short-term and long-term business, mandating fair pricing and a maximum six-month waiting period. It further restricts insurers from refusing claims due to fully disclosed pre-existing conditions or canceling policies solely based on poor claims experience, while clarifying the statutory meaning of sickness.