Regulatory Alerts2004-12-14
Added
Registration Levy for Short-Term Insurance Agents, Brokers and Re-Insurance Brokers
Registered short-term insurance agents, brokers, and re-insurance brokers must pay an annual levy of N$ 1,000.00 and a dispensation levy equivalent to 1% of gross premium income leaving the country for the levy year commencing April 1, 2005. The annual levy is payable in two equal installments due by October 31, 2005, and April 30, 2006, while dispensation levies are due monthly after premiums are paid to foreign insurers. Payments must be made to NAMFISA via bank deposit or office payment, with overdue amounts subject to interest at the prevailing prime overdraft rate of First National Bank of Namibia.
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