Regulatory Alerts2024-02-20
Added · Updated
Proposed Amendments to Short-term Insurance Regulations
The Namibia Financial Institutions Supervisory Authority (NAMFISA) proposes amendments to the Short-term Insurance Regulations under the 1998 Act to modernize investment limits and broaden permissible asset classes for registered insurers and reinsurers. The updates revise key definitions, adjust market capitalization thresholds for ordinary shares to N$2 billion, and explicitly classify multilateral development bank bonds alongside Bank of Namibia bonds as domestic assets with preferential treatment. By clarifying that investment limits apply strictly to policyholder assets and aligning short-term rules with pension fund standards, the amendments enhance portfolio diversification, support local currency bond market development, and advance Namibia’s economic growth.