Regulatory Alerts2022-11-25
Added · Updated
Regulations for Industries, Insurance, Retirement Funds and Medical Aid Funds
The Minister of Finance has promulgated regulations under the Financial Institutions and Markets Act, 2021 to standardize insurance operations, financial market instruments, and regulatory penalties. The framework defines micro-insurance products with benefit caps ranging from N$1,000 to N$25,000, requires a minimum registered capital of N$200,000 for micro-insurers, and caps maximum life policy protection at N$200,000. Furthermore, the rules mandate fair pricing and restrict claim refusals for health policies, set insider trading liability interest at twice the central bank repurchase rate, limit self-regulatory organization penalties to N$5 million, and provide precise definitions for money market instruments.