Regulatory Alerts2005-03-01
Added
Registration of All Long-term Insurance Agents, Brokers and Reinsurance Brokers
No person may carry out the business of an insurance agent, insurance broker, or reinsurance broker in Namibia unless registered under Section 55 of the Long-term Insurance Act 1998. Life insurance companies and brokerage houses must register all employees who render financial advice to the public, while administrative personnel not providing such advice are exempt. Applications for registration must be submitted to the Registrar on or before 30 June 2005. Any unregistered agent or broker continuing business after this deadline commits an offence under Section 69 of Act No. 5 of 1998.