Know your right and responsibilities when it comes to insurance

• 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 finan-cial position with regard to any short-term insur-ance business carried out in terms of the Act;
• To exercise supervision, in terms of the NAM-FISA Act or any other law, over the business of financial institutions and over financial services; and
• To advise the Minister on matters related to finan-cial 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

“A big part of

financial freedom is

having your heart and mind free from worry about the what-ifs of life.”

– Suze Orman