Regulatory Alerts2021-11-10
Added · Updated
The Meaning of Microinsurance
The Namibian Minister of Finance issued Regulation INS.R.2.1 to define and standardize micro-insurance products under the Financial Institutions and Markets Act, 2021. The regulation establishes benefit thresholds ranging from N$1,000 to N$25,000 for life and non-life policies, mandates a minimum N$200,000 paid-up capital for micro-insurers, and requires actuarial pricing with plain language contracts. It further regulates distribution intermediaries to handle claims and premium collection, while requiring insurers to file new product designs with NAMFISA for a 30-day default approval before public marketing.