Regulatory Alerts2009-03-25
Added
PI-STI-4 Levies
Registered short-term insurers must pay an annual levy equal to 1% of their gross premium income from the preceding financial year, while registered insurance agents and brokers must pay a fixed levy of N$1000.00. These levies are payable in two equal instalments, with the first due by 31 October and the second by 30 April each year. Failure to pay by the specified deadlines results in interest charges at the prevailing prime overdraft rate of the First National Bank of Namibia, regardless of whether an invoice was received.
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