Regulatory Alerts2014-03-04
Added
Registration of all agents brokers conducting insurance bus
All persons conducting insurance or reinsurance business as agents or brokers in Namibia must be registered in strict compliance with the Long-term Insurance Act and Short-term Insurance Act. Insurance and reinsurance brokers incorrectly registered as agents must return their certificates to NAMFISA and apply for correct broker registration by 30 August 2014. All such individuals must comply with specific registration requirements by 30 August 2014, with full compliance required from 1 September 2014. Carrying on business without registration constitutes a criminal offence liable to conviction under the relevant Acts.