Regulatory Alerts2022-01-10
Added · Updated
Interpretation of Investment Limits Under Regulation 8 of the Short-Term Insurance Act
The Namibia Financial Institutions Supervisory Authority, through its Registrar of Short-Term Insurance, issued Circular No I STI 02 2021 to clarify investment limit reporting for registered insurers and reinsurers. The directive requires that Regulation 8(1) caps apply exclusively to policyholder assets mandated by sections 26 and 27 of the Short-Term Insurance Act, whereas Regulation 8(4) domestic investment rules apply to total assets encompassing shareholder funds. This clarified framework replaces previous balance sheet reporting methods that caused apparent compliance breaches, ensuring accurate regulatory assessments and stronger policyholder protection effective 1 February 2022.
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