Regulatory Alerts2021-11-10
Added · Updated
NAMFISA Standard INS-S-2-13 on Lloyd’s Trust Account and Reporting Requirements
The Namibia Financial Institutions Supervisory Authority has issued Standard INS-S-2-13 to establish mandatory trust account and reporting requirements for Lloyd’s representatives operating in Namibia. The standard mandates that representatives deposit 70 percent of relevant premiums into a designated trust account, permit investments in specified assets, and restrict withdrawals to approved claims, investments, or transfers with prior regulatory approval. Lloyd’s representatives must submit quarterly returns detailing claims, premiums, and policyholder complaints within 30 days of each quarter, alongside audited annual returns and solvency reports due within 90 days of the financial year end.
Topics
insurance
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