Regulatory Alerts2022-11-25
Added · Updated
Regulations 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 detailed operational standards for Namibian insurance and financial markets. These rules define micro-insurance product thresholds, mandate a N$200,000 capital requirement for registrants, and cap life policy protection at N$200,000 while clarifying health and gap insurance classifications. Additionally, the regulations prescribe financial market standards by defining money market instruments, setting insider trading interest at twice the repurchase rate, and capping self-regulatory organization penalties at N$5 million.