Regulatory Alerts2008-12-12
Added
Regulation 15 Exemption
The Registrar of Long Term Insurance grants insurers and reinsurers an exemption from sub-regulations 2(1A) through 2(1F) of Regulation 15 until further notice. This exemption applies only to entities that submit a written application to the Registrar on or before 31 December 2008.
NAMFISA NAMIBIA FINANCIAL INSTITUTIONS SUPERVISORY AUTHORITY
- Safeguarding the Nation's Wealth! -
ALL PRINCIPAL OFFICERS INSURERS AND REINSURERS
12 December 2008
EXEMPTION IN TERMS OF SUB-REGULATION 15(6) OF REGULATION 15
The Registrar refers to section 72 of the Long Term Insurance Act 1998, (Act No. 5 of 1998), as well as sub-regulation 6 of Regulation 15, as amended.
After consulting with the Ministry of Finance on the numerous difficulties experienced by industry and the reigning uncertainty regarding the recent amendments to Regulation 15, the Registrar shall grant exemption to the provisions of sub-regulation 2(1A) – 2(1F) of Regulation 15 until further notice.
The said exemption shall only be granted to an Insurer or Reinsurer once the Registrar has received a written application from an Insurer or Reinsurer requesting such an exemption on or before 31 December 2008.
Yours sincerely,
Mr Rainer Ritter REGISTRAR OF LONG TERM INSURANCE NAMFISA
Cc: LAAN Chairperson
• P.O. Box 21250 Windhoek NAMIBIA • 154 Independence Avenue • 8th Floor, Sanlam Centre • Tel: (+264 61) 290 5000 • Fax: (+264 61) 290 5157/8 • www.namfisa.com.na
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