Regulatory Alerts2009-02-16
Added
NAMFISA Circular PI/STI/1/2009: Sales of Trademarks
The Registrar will not recognize the sale of trademarks as an asset for solvency purposes under Schedule 2 of the Short Term Insurance Act No.4 of 1998. Registered short-term insurance and re-insurance companies must exclude such assets when valuating their positions, or face penalties under section 70 of the Act for non-compliance with sections 20, 26, and 27.