Regulatory Alerts2021-11-10
Added · Updated
Standard on Commission Limits for Insurance Brokers and Intermediaries
The Namibia Financial Institutions Supervisory Authority issued Standard No. INS.S. 2.9 to establish mandatory monetary commission limits for registered insurance brokers, Lloyd’s intermediaries, and insurers under the Financial Institutions and Markets Act. The regulation voids non-compliant commission arrangements and prescribes maximum payable rates based on policy categories, payment timing, premium receipt conditions, and refund procedures for both long-term and short-term insurance. Detailed calculation formulas and tiered percentage tables govern individual, group, annuity, funeral, health, pension, and vehicle policies to ensure transparent remuneration across the sector.
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