Namibia Insurance Industry - Governance, Risk and Compliance

Namibia Insurance Industry - Governance, Risk and Compliance



Its Namibia Insurance Industry - Governance, Risk and Compliance 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 Its 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.

Key Highlights

- The NAMFISA supervises and regulates the Namibian insurance industry.
- Employees compensation, motor third-party liability and social security insurance are the classes of compulsory insurance in Namibia.
- 100% FDI is permitted in 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.

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 countrys 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

Scope

- 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 countrys 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.

Reasons to Buy

- Gain insights into the insurance regulatory framework in Namibia.
- Track the latest regulatory changes, and expected changes impacting 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

1 INTRODUCTION
1.1 What is this Report About?
1.2 Definitions
2 GOVERNANCE, RISK AND COMPLIANCE
2.1 Legislation Overview and Historical Evolution
2.2 Latest Changes in Regulation
2.3 Legislation and Market Practice by Type of Insurance
2.3.1 Life insurance
2.3.2 Property insurance
2.3.3 Motor insurance
2.3.4 Liability insurance
2.3.5 Marine, aviation and transit insurance
2.3.6 Personal accident and health insurance
2.4 Compulsory Insurance
2.4.1 Motor third-party liability insurance
2.4.2 Employees compensation insurance
2.4.3 Social Security Scheme
2.4.4 Professional indemnity for insurance brokers
2.4.5 Liability insurance for ship owners in respect of oil pollution
2.5 Supervision and Control
2.5.1 International Association of Insurance Supervision
2.5.2 African Insurance Organization
2.5.3 Namibia Financial Institutions Supervisory Authority
2.6 Non-Admitted Insurance Regulations
2.6.1 Overview
2.6.2 Intermediaries
2.6.3 Market practices
2.6.4 Fines and Penalties
2.7 Company Registration and Operations
2.7.1 Type of insurance organization
2.7.2 Establishing a local company
2.7.3 Foreign ownership
2.7.4 Types of license
2.7.5 Capital requirements
2.7.6 Solvency margin
2.7.7 Reserve requirements
2.7.8 Investment regulations
2.7.9 Statutory return requirements
2.7.10 Fee structure
2.8 Taxation
2.8.1 Insurance premium or policy taxation
2.8.2 Withholding taxes on premium paid overseas
2.8.3 Corporate tax
2.8.4 VAT
2.8.5 Captives
2.9 Legal System
2.9.1 Introduction
2.9.2 Access to court
2.9.3 Alternative dispute resolution (ADR)
3 APPENDIX
3.1 Methodology
3.2 Contact GlobalData
3.3 About GlobalData
3.4 GlobalDatas Services
3.5 Disclaimer

List Of Tables

Table 1: Insurance Industry Definitions
Table 2: Namibia - Insurance Regulatory Framework Key Features
Table 3: Namibia - Life Insurance Regulatory Framework
Table 4: Namibia - Property Insurance Regulatory Framework
Table 5: Namibia - Motor Insurance Regulatory Framework
Table 6: Namibia - Liability Insurance Regulatory Framework
Table 7: Namibia - Minimum Capital Requirements for Long-Term Insurers
Table 8: Namibia - Deposit Requirement for Long-Term Insurer
Table 9: Namibia - Capital Requirement for Short-Term Insurers
Table 10: Namibia - Deposit Requirement for Short-Term Insurers
Table 11: Namibia - Investment Percentage for Long-TermInsurance Companies
Table 12: Namibia - Investment Percentage for Short-Term Insurance Companies
Table 13: Namibia - Corporate Tax Rates for the Financial Year 2020

List Of Figures

Figure 1: Namibia - Insurance Supervision and Control at Various Levels
Figure 2: Namibia - Insurance Regulatory Frameworks for Company Registration and Operation

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