Regulatory Alerts2022-11-25
Added · Updated
Regulations for Insurance and Financial Markets under the Financial Institutions and Markets Act, 2021
The Minister of Finance has issued regulations under the Financial Institutions and Markets Act, 2021 to establish precise definitions and operational standards for insurance and financial market participants. The rules define micro-insurance products with benefit caps ranging from N$1,000 to N$25,000, require a minimum registered capital of N$200,000 for micro-insurers, and cap life policy protection at N$200,000. Furthermore, the regulations prescribe interest on insider trading liabilities at twice the central bank's repurchase rate, impose a maximum N$5 million penalty on self-regulatory organisations, and clarify the statutory definitions of money market instruments.
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