Regulatory Alerts2022-01-10
Added · Updated
Regulation 15 of the Regulations Under the Long-Term Insurance Act
The Namibia Financial Institutions Supervisory Authority has issued a circular clarifying how registered long-term insurers and reinsurers must calculate their investment limits under Regulation 15 of the Long-Term Insurance Act. The directive corrects current industry practice by mandating that Regulation 15(1) applies strictly to policyholder assets, while Regulation 15(2) covers total assets including shareholder funds, and specifies that unlisted investments must hold actual equity or debt capital rather than mere fund transfers. All affected entities must align their reporting and compliance frameworks with these distinct interpretations by the 1 February 2022 effective date to ensure accurate policyholder protection.
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