Regulatory Alerts2022-11-25
Added · Updated
Regulations under the Financial Institutions and Markets Act, 2021
The Minister of Finance has promulgated regulations under the Financial Institutions and Markets Act, 2021 to standardize insurance classifications and financial market operations across Namibia. The framework defines micro-insurance, gap insurance, and health policies while capping life policy protection at N$200,000 and mandating a minimum capital base for micro-insurers. Supervised by the Namibia Financial Institutions Supervisory Authority, the rules require actuarial pricing verification, product filing procedures, and impose a maximum N$5 million penalty on self-regulatory organizations alongside double repurchase interest rates for insider trading liabilities.