Regulatory Alerts2014-10-30
Added · Updated
Prohibition of Conditional Selling of Insurance Products
Namibian laws prohibit financial institutions from engaging in conditional selling of insurance products, defined as requiring consumers to obtain insurance from specific affiliated entities as a condition for receiving loans or other services. Financial service providers must ask if clients already possess required products, inform them of their right to shop around, and accept relevant products from non-affiliate entities. Consumers denied this right are instructed to report violations to NAMFISA, where representatives found guilty face fines up to N$15,000 or imprisonment for up to two years.