Understanding Public Notices: What You Need to Know
The ultimate purpose of Public
Notices is to share urgent
information, cautions and alerts
with the public by placing them in places
and mediums where the public is more
likely to notice.
It is important that information about activities relevant to all consumers of financial services is as widely accessible as possible in order for the public to make well-informed decisions.
Furthermore, Public Notices help citizens stay up to date with changes in their communities and be on the alert against fraud and theft in their financial dealings. The Namibia Financial Institutions Supervisory Authority (NAMFISA) circulates information to the public through various types of mediums, such as social media, the NAMFISA website, newspapers and radio.
It is important that information about activities relevant to all consumers of financial services is as widely accessible as possible in order for the public to make well-informed decisions.
Furthermore, Public Notices help citizens stay up to date with changes in their communities and be on the alert against fraud and theft in their financial dealings. The Namibia Financial Institutions Supervisory Authority (NAMFISA) circulates information to the public through various types of mediums, such as social media, the NAMFISA website, newspapers and radio.
Types of Public Notices
WARNING NOTICE
This notice warns the public against, for example, insurance agents and brokers not licensed by NAMFISA to sell insurance products in Namibia.
This notice will alert the public, note the names of the companies involved, give advice for protective action and urge consideration before these business entities’ products are used.
For example, a warning notice can urge the public to be aware and careful not to invest their money or purchase policies from unregistered agents and brokers.
The downside of ignoring the warning is highlighted in the notice and contact details for those wishing further information from NAMFISA are also publicised.
• INFORMATIONAL NOTICE
This notice serves to inform the public of the voluntary or forced/involuntary de-registration of insurance agents and brokers.
Voluntary de-registration is when a previously registered insurance agent or broker chooses to no longer sell or advise on insurance-related business for whatever reason.
Forced de-registration can occur for various reasons such as when an insurance agent or broker:
• Does not pay outstanding levies to NAMFISA;
• Does not comply with the laws and rules that govern insurance; and
• Has been convicted of fraudulent practices.
• EDUCATIONAL NOTICE
This notice intends to educate the general public about insurance-related business issues and practices.
The Educational Notice can inform the public about what kind of insurance licenses are available in the market so they can have a better choice when making their decisions.
This notice warns the public against, for example, insurance agents and brokers not licensed by NAMFISA to sell insurance products in Namibia.
This notice will alert the public, note the names of the companies involved, give advice for protective action and urge consideration before these business entities’ products are used.
For example, a warning notice can urge the public to be aware and careful not to invest their money or purchase policies from unregistered agents and brokers.
The downside of ignoring the warning is highlighted in the notice and contact details for those wishing further information from NAMFISA are also publicised.
• INFORMATIONAL NOTICE
This notice serves to inform the public of the voluntary or forced/involuntary de-registration of insurance agents and brokers.
Voluntary de-registration is when a previously registered insurance agent or broker chooses to no longer sell or advise on insurance-related business for whatever reason.
Forced de-registration can occur for various reasons such as when an insurance agent or broker:
• Does not pay outstanding levies to NAMFISA;
• Does not comply with the laws and rules that govern insurance; and
• Has been convicted of fraudulent practices.
• EDUCATIONAL NOTICE
This notice intends to educate the general public about insurance-related business issues and practices.
The Educational Notice can inform the public about what kind of insurance licenses are available in the market so they can have a better choice when making their decisions.
The notice can also advise potential insurance policy consumers that any agent and/or broker is obliged to explain all details of the policy contract, fees and conditions to their clients before he/she signs for a particular insurance policy.NAMFISA uses Public Notices as a vital tool to protect and educate Namibian consumers. Always stay informed, verify before engaging, and reach out to NAMFISA if you suspect anything unusual in your financial dealings.