Regulatory Alerts2021-11-10
Added · Updated
Registration Requirements for Insurance Brokers (Standard No. INS.S. 2.4)
The Namibia Financial Institutions Supervisory Authority issued Standard No. INS.S. 2.4 to establish the registration requirements for individuals and corporations seeking approval as insurance brokers under the Financial Institutions and Markets Act, 2021. The standard mandates that applicants submit designated application forms alongside certified supporting documents, including proof of professional indemnity and fidelity insurance policies. Furthermore, registered brokers must maintain a minimum liability limit of N$500,000, pay an annual fee of N$1,000, and submit financial returns within 90 days of each financial year-end.