Regulatory Alerts2022-04-19
Added · Updated
NAMFISA Draft Proposed Standards Under the Financial Institutions and Markets Act, 2021
The Namibia Financial Institutions Supervisory Authority (NAMFISA) has published draft proposed standards under the Financial Institutions and Markets Act, 2021 to establish governance, capital, and conduct requirements for insurers, reinsurers, brokers, and investment managers. These standards mandate specific board independence and composition rules for insurance entities, require investment managers to maintain a minimum N$250,000 in paid-up share capital alongside strict liquidity and capital adequacy thresholds, and enforce robust conflict of interest management. Financial institutions and industry associations are invited to submit written representations using the provided template within 60 calendar days of publication to influence the final issuance of these regulations.