Governance, Risk and Compliance – The Namibian Insurance Industry
Timetric’s 'Governance, Risk and Compliance – The Namibian Insurance Industry' report is the result of extensive research into the insurance regulatory framework in Namibia.
It provides detailed analysis of the insurance regulations for life, property, motor, liability, personal accident and health, and marine, aviation and transit insurance. The report specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries.
The report brings together Timetric’s research, modeling and analysis expertise, giving insurers access to information on prevailing insurance regulations, and recent and upcoming changes in the regulatory framework, taxation and legal system in the country. The report also includes the scope of non-admitted insurance in the country.
The report provides insights into the governance, risk and compliance framework pertaining to the insurance industry in Namibia, including:
- An overview of the insurance regulatory framework in Namibia.
- The latest key changes, and changes expected in the country’s insurance regulatory framework.
- Key regulations and market practices related to different types of insurance product in the country.
- Rules and regulations pertaining to key classes of compulsory insurance, and the scope of non-admitted insurance in Namibia.
- Key parameters including licensing requirements, permitted foreign direct investment, minimum capital requirements, solvency and reserve requirements, and investment regulations.
- Details of the tax and legal systems in the country.
Reasons To Buy
- The report covers details of the insurance regulatory framework in Namibia.
- The report contains details of the rules and regulations governing insurance products and insurance entities.
- The report lists and analyzes key trends and developments pertaining to the country’s insurance regulatory framework.
- The report analyzes the rules and regulations pertaining to the establishment and operation of insurance businesses in the country.
- The report provides details of taxation imposed on insurance products and insurance companies.
- Gain insights into the insurance regulatory framework in Namibia.
- Track the latest regulatory changes, and expected changes impacting the Namibian insurance industry.
- Gain detailed information about the key regulations governing the establishment and operation of insurance entities in the country.
- Understand key regulations and market practices pertaining to various types of insurance product.
- The Namibian insurance industry is regulated and supervised by the NAMFISA.
- Employee’s compensation, motor third-party liability and social security insurance are compulsory classes of insurance in Namibia.
- 100% foreign direct investment is permitted in the Namibian insurance industry.
- Composite insurance is not permitted in the Namibian insurance industry.
- VAT at a rate of 15% is applicable on insurance products and services.
- What is this Report About?
- Table Insurance Industry Definitions
- Governance, Risk and Compliance
- Table Namibia – Insurance Regulatory Framework Key Features
- Legislation Overview and Historical Evolution
- Latest Changes in Regulation
- Legislation and Market Practice by Type of Insurance
- Life insurance
- Table Namibia – Life Insurance Regulatory Framework
- Property insurance
- Table Namibia – Property Insurance Regulatory Framework
- Motor insurance
- Table Namibia – Motor Insurance Regulatory Framework
- Liability insurance
- Table Namibia – Liability Insurance Regulatory Framework
- Marine, aviation and transit insurance
- Personal accident and health insurance
- Compulsory Insurance
- Motor third-party liability insurance
- Employee's compensation insurance
- Social Security Scheme
- Professional indemnity for insurance brokers
- Marine oil pollution insurance
- Supervision and Control
- International Association of Insurance Supervision
- African Insurance Organization
- Namibia Financial Institutions Supervisory Authority
- Non-Admitted Insurance Regulations
- Market practices
- Fines and Penalties
- Company Registration and Operations
- Type of insurance organization
- Establishing a local company
- Foreign ownership
- Types of license
- Capital requirements
- Table Namibia – Minimum Capital Requirements for Long-Term Insurers
- Table Namibia – Deposit Requirement for Long-Term Insurers
- Table Namibia – Capital Requirement for Short-Term Insurers
- Table Namibia – Deposit Requirement for Short-Term Insurers
- Solvency margin
- Table Namibia – Solvency Requirement for Long-Term Insurers
- Reserve requirements
- Investment regulations
- Table Namibia – Investment Percentage for Life Insurance Companies
- Statutory return requirements
- Fee structure
- Insurance premium or policy taxation
- Withholding taxes on premium paid overseas
- Corporate tax
- Table Namibia – Corporate Tax Rates for the Financial Year 2017
- Legal System
- Access to court
- Alternative dispute resolution
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