Regulatory Alerts2014-07-09
Added · Updated
Registration of Principal Officers for Insurance Intermediary Firms
This directive withdraws and replaces Directive Letter I/STI & LTI/03/2014, requiring all registered long-term and short-term insurance agencies, brokerage firms, and close corporations in Namibia to appoint a fit and proper natural person as their principal officer. The appointed principal officer must be a Namibian citizen unless the Registrar determines otherwise in exceptional circumstances. These entities must apply the principles of section 19 of the Long-term Insurance Act and the Short-term Insurance Act regarding the principal officer's role. This requirement applies to all insurance agents, brokers, and reinsurance brokers operating in Namibia.
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