Objectives of Short-Term Insurance Regulation
• To ensure that short-term insurance business in Namibia is carried out in accordance with the provisions of the Act;
• To ensure that short-term insurance business in Namibia is efficiently administered, controlled and regulated;
• To ensure that every registered insurer, reinsurer, insurance agent, insurance broker, reinsurance broker and Lloyd’s intermediary and the Lloyd’s representative at all times maintain a sound financial position with regard to any short-term insurance business carried out in terms of the Act;
• To exercise supervision, in terms of the NAMFISA Act or any other law, over the business of financial institutions and over financial services; and
• To advise the Minister on matters related to financial institutions and financial services, whether of its own accord or at the request of the Minister.
• To ensure that short-term insurance business in Namibia is efficiently administered, controlled and regulated;
• To ensure that every registered insurer, reinsurer, insurance agent, insurance broker, reinsurance broker and Lloyd’s intermediary and the Lloyd’s representative at all times maintain a sound financial position with regard to any short-term insurance business carried out in terms of the Act;
• To exercise supervision, in terms of the NAMFISA Act or any other law, over the business of financial institutions and over financial services; and
• To advise the Minister on matters related to financial institutions and financial services, whether of its own accord or at the request of the Minister.
Sources and Regulatory Framework Used
• The short-term insurance act (no. 4 of 1998)
• The regulations to the short-term insurance act (no. 4 of 1998)
• The NAMFISA act (no. 3 of 2001)
• Inspection of financial institutions act (no. 4 of 1998)
• Documents provided by the financial services board of South Africa
• Insurance Bureau of Canada: Code of consumer rights and responsibilities
• Draft consumer bill of rights supplied by an IMF-funded consultant in Canada
• The regulations to the short-term insurance act (no. 4 of 1998)
• The NAMFISA act (no. 3 of 2001)
• Inspection of financial institutions act (no. 4 of 1998)
• Documents provided by the financial services board of South Africa
• Insurance Bureau of Canada: Code of consumer rights and responsibilities
• Draft consumer bill of rights supplied by an IMF-funded consultant in Canada
“A big part of
financial freedom is
having your heart and mind free from worry about the what-ifs of life.”
– Suze Orman