Regulatory Alerts2015-06-08
Added
Regulation 8 Circular
Registered short-term insurers are approved to invest in foreign bills, bonds, and securities issued by governments, local authorities, or institutions in countries and entities rated as "Investment Grade" according to Annexure A. Annexure A defines this grade as ratings from A3/Baa3 and higher from Moody's, S&P, or Fitch. Insurers must still conduct due diligence on inherent risks, and the Board must obtain prior Registrar approval for investments outside these approved countries or institutions. Non-compliance with Regulation 8 remains the insurer's responsibility and may result in a fine of up to N$150,000 or imprisonment for up to ten years.
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