Regulatory Alerts2022-11-25
Added · Updated
Regulations for Industries (Insurance, Retirement Funds, Medical Aid Funds)
The Minister of Finance has issued regulations under the Financial Institutions and Markets Act, 2021 to establish comprehensive regulatory standards for insurance and financial market operations. These rules define micro-insurance products with benefit caps ranging from N$1,000 to N$25,000 and set a uniform N$200,000 protection limit for life policies, while mandating fair pricing and pre-existing condition coverage. The regulations further prescribe interest at twice the Bank of Namibia’s repurchase rate for insider trading liabilities, cap self-regulatory organization penalties at N$5 million, and provide precise definitions for money market instruments.
Topics
insurance
market-abuse
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