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 has issued a circular clarifying that Regulation 8(1) investment limits for registered short-term insurers and reinsurers apply exclusively to policyholder assets rather than the total balance sheet. This interpretation distinguishes Regulation 8(1), which restricts specific asset categories based on policyholder funds, from Regulation 8(4), which mandates domestic investment percentages against total assets including shareholder funds. Insurers and reinsurers must adjust their reporting practices to prevent apparent compliance breaches, with the corrected framework taking effect on 1 February 2022.
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