Regulatory Alerts2015-04-06
Added · Updated
Selling Insurance Products Outside Approved Classes of Insurance
Registered long-term insurers and reinsurers must immediately cease selling insurance or reinsurance products outside the scope of their approved licenses and seek appropriate registration to continue such trading. The Registrar of Long-Term Insurance will enforce Section 69(b)(ii) of the Long-term Insurance Act against entities found in violation, imposing fines up to N$150,000, imprisonment for up to 10 years, or both. This directive applies to all registered insurers and reinsurers under the Act, as well as insurance and reinsurance brokers and agents.