Regulatory Alerts2003-04-29
Added
Interpretation of Section 3 of the Long-term Insurance Act, 1998
The Namibia Financial Institutions Supervisory Authority interprets Section 3 of the Long-term Insurance Act, 1998, to clarify that registered insurers must issue written domestic policies in Namibian currency within Namibia. Registered insurers are authorized to accept premium payments from clients using bank accounts located outside Namibia, provided the payment is made in Namibian currency. Additionally, insurers may effect benefit payments into either foreign or Namibian bank accounts, with such payments considered to occur in Namibia in Namibian currency.
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