Regulatory Alerts2014-07-09
Added
Remuneration – Revised
This directive clarifies that insurance agents, brokers, and reinsurance brokers in Namibia must be remunerated exclusively by commission in monetary form, replacing previous practices that allowed salaries. It mandates that all such intermediaries, excluding non-commission earning employees of registered insurers, must be registered and comply with these remuneration rules by 31 October 2014. The document withdraws and replaces Directive Letter I/STI & LTI/02/2014, establishing that failure to register or pay via commission constitutes a criminal offence under the Long-term and Short-term Insurance Acts.
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