Regulatory Alerts2021-11-10
Added · Updated
NAMFISA Standard INS.S.2.5 on Insurance Exemptions
The Namibia Financial Institutions Supervisory Authority issued Standard INS.S.2.5 to establish the terms and conditions for granting exemptions under section 5(2) of the Financial Institutions and Markets Act, 2021. Foreign insurers and reinsurers must submit formal applications and written undertakings demonstrating adequate capital, a minimum BBB credit rating, and regulatory consent to underwrite specific policies in Namibia without conducting broader local business. Registered insurers and brokers effecting or renewing insurance abroad must adhere to specified cession limits, maintain five-year records, and ensure all related policies are backed by properly exempted foreign entities.