Regulatory Alerts2014-03-04
Added
Remuneration of Agents and Brokers
The directive mandates that all registered insurance agents, brokers, and reinsurance brokers in Namibia must be remunerated exclusively by commission in monetary form, prohibiting salary-based compensation for these intermediaries. This requirement applies to all such persons carrying on business under the Long-term Insurance Act and Short-term Insurance Act, with compliance required by 30 August 2014 and effective from 1 September 2014. The document clarifies that remuneration method does not determine status as an agent or broker, except for employees of insurers, and declares that unregistered intermediaries or those accepting non-commission remuneration are committing criminal offences.
More like this from NAMFISA
We email you every new NAMFISA publication the day it's published.