Regulatory Alerts2021-11-10
Added · Updated
Standard INS-S-2-15 on Accounts and Information for Registered Insurers and Reinsurers
The Namibia Financial Institutions Supervisory Authority (NAMFISA) issued Standard INS-S-2-15 to mandate registered insurers and reinsurers to maintain and submit detailed financial records, including premiums, claims, commissions, and policyholder data. The regulation requires quarterly submissions of balance sheets, profit and loss accounts, and cash flow statements within thirty days, alongside annual audited financial statements and valuation reports due within ninety days of the fiscal year end. All submissions must be filed electronically via the NAMFISA Electronic Regulatory System or in hard copy, retained for at least five years, and formally authorized by the principal officer to ensure accuracy and regulatory compliance.