Regulatory Alerts2003-07-11
Added
Un-desirable Business Practice Applied by Certain Parties in the Short-term Insurance Business
NAMFISA instructs short-term insurers, reinsurers, brokers, agents, and hire purchase companies to cease contracting with entities not registered with the authority to conduct short-term insurance business in Namibia. The regulator prohibits practices that deny clients the choice of selecting their policy provider, deeming such conduct irregular under Section 60 of the Short-term Insurance Act. All parties must stop these practices with immediate effect while NAMFISA prepares to publish a notice in the Government Gazette declaring such conduct undesirable.