Regulatory Alerts2003-04-29
Added · Updated
Public Notice: Domestic Policies (All Registered Life Insurance Companies)
The Namibia Financial Institutions Supervisory Authority interprets Section 3 of the Long-term Insurance Act, 1998, to clarify that registered insurers must issue written domestic policies in Namibian currency within Namibia. Registered insurers are permitted to accept premium payments from bank accounts located outside Namibia, provided the payment is made to the insurer in Namibia in Namibian currency. Additionally, insurers may effect benefit payments into either foreign or Namibian bank accounts, with such payments considered to occur in Namibia in Namibian currency.
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