Regulatory Alerts2017-03-28
Added · Updated
Short-term Insurance Act 4 of 1998
Enacted by the Parliament of Namibia in 1998, this legislation establishes a comprehensive regulatory framework for short-term insurance business within the country. It mandates that all insurers, reinsurers, agents, brokers, and Lloyd's intermediaries register with a designated Registrar, maintain specified capital reserves, and adhere to strict financial reporting, asset-holding, and solvency standards. The Act further empowers the Registrar to inspect operations, extend compliance periods, cancel registrations for non-compliance, and oversee amalgamations or winding-up proceedings while imposing penalties for breaches.
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