Regulatory Alerts2022-11-25
Added · Updated
Regulations for Insurance and Financial Markets under the Financial Institutions and Markets Act, 2021
The Namibian Minister of Finance has issued regulations under the Financial Institutions and Markets Act, 2021 to establish detailed definitions and operational standards for insurance and financial market entities. These rules define micro-insurance products with benefit caps between N$1,000 and N$25,000, mandate a minimum registered capital of N$200,000 for micro-insurers, and clarify coverage terms for health, gap, and life insurance policies. The regulations further prescribe financial market standards, including a N$200,000 protection limit for life policies, interest rates at twice the central bank's repurchase rate for insider trading liabilities, and a maximum N$5 million penalty for non-compliant self-regulatory organisations.