Long-term Insurance Broker

About

  • Long-term Insurance Brokers are registered and regulated in terms of the Long-term Insurance Act, 1998 ( Act No. 5 of 1998 (“the Act”).

    In terms of the Act, an “insurance broker” is someone who negotiates long-term insurance business (excluding reinsurance) on behalf of another person with one or more insurers, but excludes insurance agents or insurer employees unless their remuneration includes commission.
Application Process

Registration Process

  • To submit any applications to NAMFISA, an applicant must:
    1. Apply to create a profile on NAMFISA Online
    2. Apply to reserve the proposed entity name
  • Complete the Application for Registration Form on NAMFISA Online (ERS)
  • Once the applicant’s profile has been created, they will be granted access to an Application for Registration Form on NAMFISA Online (ERS).

    This online form must be fully completed and submitted.

    NB: If submitted successfully, the status of the form will change to “pending approval”.

Application Requirements

Download Document
Download Document
Online Form

Requirements

  1. The Application Form should be accompanied by the following documents and the registration fee paid – NAMFISA Banking Details
  2. Proof of Payment of Registration Fee – N$200.00
  3. Proof of Bank Account (bank stamped)
  4. Certified copy of Memorandum and Articles of Association (if the broker firm is a company) or certified copy of Founding Statement (if the broker firm is a close corporation). Part of the principal business should include “insurance brokerage business”
  5. Certified copy of Certificate of Registration/Fitness issued by the relevant local authority
  6. At least 3 Letters of Intent from Long-term Insurers
  7. Certified copy of Proof of Membership with Broker Controlling Body (NAIB)
  8. Proof of Professional Indemnity Insurance Cover with a limit of not less than N$1,000,000.00 (one million Namibian dollars)
  9. If previously registered with NAMFISA, Proof of Annual Levy Payment
  10. Proof of Registration as a Taxpayer from the relevant tax authority
  11. FIC Registration Form
  12. FIA Compliance Program
  13. Legal Person(s) Fit and Proper Questionaire Separate copies of the LP FAP Questionnaire must be submitted on behalf of the broker firm, and every corporate entity or trust directly or indirectly holding ownership interest of 20% or more in the broker firm. The questionnaire must be completed by an authorised representative of the legal person and signed in the presence of an independent Commissioner of Oaths (or a Notary Public, if signed outside Namibia) and initialled on every page by the deponent and the Commissioner of Oaths
  14. List of Owners/Shareholders/Members
  15. Every Owner/Shareholder/Member with a 20% or more ownership/shareholding/membership interest in the broker firm and every Director (or persons holding positions similar to that of a director if the broker firm is not a company):
    • Certified copies of ID/valid Passport
    • Certified copies of Police Clearance Certificates, (not issued longer than 12 months as at the date of application to NAMFISA), from all jurisdictions resided in the last 10 years
    • Fit and Proper (FAP) Requirements Form. The form must be signed in the presence of an independent Commissioner of Oaths (or a Notary Public, if signed outside Namibia) and initialled on every page by the deponent and the Commissioner of Oaths

The following should further be provided for the Principal Officer:

  1. Abridged or Shortened CV
  2. Certified copies of Highest Educational Qualifications
  3. Certified copies of ID/valid Passport
  4. Certified copies of Police Clearance Certificates, (not issued longer than 12 months as at the date of application to NAMFISA), from all jurisdictions resided in the last 10 years
  5. Certified copies of Residence Permit or Work Permit (if not Namibian)
  6. Proof of Registration as a Taxpayer from NAMRA
  7. Fit and Proper (FAP) Requirements Form. The form must be signed in the presence of an independent Commissioner of Oaths (or a Notary Public, if signed outside Namibia) and initialled on every page by the deponent and the Commissioner of Oaths
  8. Sworn Affidavit(LT Broker Individual) The affidavit must be signed in the presence of an independent Commissioner of Oaths (or a Notary Public, if signed outside Namibia) and initialled on every page by the deponent and the Commissioner of Oaths

NB: In light of the designation of long-term insurance intermediaries as Accountable Institutions in terms of the Financial Intelligence Act , 2012 (Act 13 of 2012) (“FIA”), the following should be complied, when applying for registration as a long-term insurance broker (the documents mentioned have been included in the list above):

  1. Compliance Officer Appointment: Appoint a Compliance Officer, who will act as the primary point of contact for all regulatory and anti-money laundering (AML) compliance matters
  2. Financial Intelligence Centre (FIC) Registration Form: Complete and submit the FIC Registration Form
  3. FIA Compliance Program: Submit a FIA Compliance Program
  4. Legal Person(s) Fit and Proper Questionaire: Submit duly completed and signed LP FAP Questionnaires (on behalf of the broker firm and every corporate entity or trust directly or indirectly holding ownership interest of 20% or more in the broker firm)
  5. Documentation for Owners/Shareholders/Members, Directors, Principal Officers and Long-term Insurance Broker Individuals: Every Owner/Shareholder/Member (with a 20% or more ownership/shareholding/membership interest), Directors and Principal Officer of a long-term insurance broker firm is required to submit the following documents:
    • Police Clearance Certificates (not issued longer than 12 months as at the date of application to NAMFISA), from all jurisdictions resided in the last 10 years
    • A duly completed and signed Natural Person(s) Fit and Proper Questionnaire which must be initialled on each page by both the deponent and a commissioner of oaths
Online Form

Requirements

  1. The Application Form should be accompanied by the following documents and the application fee paid – NAMFISA Banking Details
  2. Proof of Payment of Registration Fee – N$200.00
  3. Abridged or Shortened CV
  4. Certified copy of ID/valid Passport
  5. Certified copy of a Police Clearance Certificates (not issued longer than 12 months as at the date of application to NAMFISA), from all jurisdictions resided in the last 10 years.
  6. Certified copy of Residence Permit or Work Permit (if not Namibian)
  7. Certified copies of Highest Educational Qualifications
  8. Proof of Registration as a Taxpayer from the relevant tax authority
  9. Proof of Bank Account (bank stamped)
  10. At least 3 Letters of Intent from Long-term Insurers
  11. Certified copy of Proof of Membership with Broker Controlling Body (NAIB)
  12. Proof of Professional Indemnity Insurance Cover with a limit of not less than N$1,000,000.00 (one million Namibian dollars). The broker individual should be indicated as one of the insured
  13. Fit and Proper (FAP) Requirements  Form(LT Broker Individual)The form must be signed in the presence of an independent Commissioner of Oaths (or a Notary Public, if signed outside Namibia) and initialled on every page by the deponent and the Commissioner of Oaths
  14. Sworn Affidavit(LT Broker Individual) The affidavit must be signed in the presence of an independent Commissioner of Oaths (or a Notary Public, if signed outside Namibia) and initialled on every page by the deponent and the Commissioner of Oaths
Download Document
Download Document
Download Document
Download Document
Title

    No registered broker firm shall –

    1. Change the name under which it is registered
    2. Use or refer to itself by a name other than the name under which it is registered
    3. Use or refer to itself by a shortened form or derivative of the name under which it is registered, without the prior written approval of the Registrar

    Requirements:

    1. Application Form – Change of Name LT Broker Firm The application form should be accompanied by the documents listed in section 9 of the form and the application fee paid – NAMFISA Banking Details
    2. Effect the change on NAMFISA Online (ERS) by completing and submitting a “Change Company Name” Form
    3. Once the form is submitted on NAMFISA Online (ERS), email the application to licensing@namfisa.com.na or hand deliver it to NAMFISA (Reception, Upper Ground Floor, 51 -55 Werner List Street, Gutenberg Plaza, Windhoek)

    A broker firm must inform NAMFISA should the address of its principal place of business change.

    Requirements:

      1. Letter notifying NAMFISA of the change
      2. Effect the change on NAMFISA Online (ERS) by completing and submitting a “Change Company Details” Form
      3. Once the form is submitted on NAMFISA Online (ERS), email the notification to licensing@namfisa.com.na or hand deliver it to NAMFISA (Reception, Upper Ground Floor, 51 -55 Werner List Street, Gutenberg Plaza, Windhoek)

    A broker must inform NAMFISA should its contact details or that of its principal officer change.

    Requirements:

    1. Letter notifying NAMFISA of the change
    2. Effect the change on NAMFISA Online (ERS) by completing and submitting a “Change Company Details” Form
    3. Once the form is submitted on NAMFISA Online (ERS), email the notification to licensing@namfisa.com.na or hand deliver it to NAMFISA (Reception, Upper Ground Floor, 51 -55 Werner List Street, Gutenberg Plaza, Windhoek)

    Requirements:

    1. Letter notifying NAMFISA of the change
    2. Effect the change on NAMFISA Online (ERS) by completing and submitting a “Change Company Details” Form.
    3. Once the form is submitted on NAMFISA Online (ERS), email the notification to licensing@namfisa.com.na or hand deliver it to NAMFISA (Reception, Upper Ground Floor, 51 -55 Werner List Street, Gutenberg Plaza, Windhoek)

    A broker firm must inform NAMFISA when it appoints a new Principal Officer.

    Requirements:

    1. Letter notifying NAMFISA of the change
    2. Abridged or Shortened CV
    3. Certified copies of Highest Educational Qualifications
    4. Certified copies of ID/valid Passport
    5. Certified copies of Police Clearance Certificates,(not issued longer than 12 months as at the date of application to NAMFISA), from all jurisdictions resided in the last 10 years; and
    6. Certified copies of Residence Permit or Work Permit (if not Namibian)
    7. Proof of Registration as a Taxpayer from NAMRA
    8. Fit and Proper (FAP) Requirements Form. The form must be signed in the presence of an independent Commissioner of Oaths (or a Notary Public, if signed outside Namibia) and initialled on every page by the deponent and the Commissioner of Oaths
    9. Sworn Affidavit(LT Broker Individual) The affidavit must be signed in the presence of an independent Commissioner of Oaths (or a Notary Public, if signed outside Namibia) and initialled on every page by the deponent and the Commissioner of Oaths
    10. Effect the change on NAMFISA Online ERS by completing and submitting a “Change of Company Details” Form where the above-mentioned documentation must be uploaded
    11. Once the form is submitted on NAMFISA Online (ERS), email the application to licensing@namfisa.com.na or hand deliver it to NAMFISA (Reception, Upper Ground Floor, 51 -55 Werner List Street, Gutenberg Plaza, Windhoek)

    When a broker firm appoints a new broker, it must apply for the person to be registered as a broker individual. Once registered, the broker individual will appear under the broker firm’s profile on NAMFISA Online (ERS). 

    Requirements:

    1. The Application Form should be accompanied by the following documents and the application fee paid – NAMFISA Banking Details
    2. Proof of Payment of Registration Fee – N$200.00
    3. Abridged or Shortened CV
    4. Certified copy of ID/valid Passport
    5. Certified copy of a Police Clearance Certificates (not issued longer than 12 months as at the date of application to NAMFISA), from all jurisdictions resided in the last 10 years
    6. Certified copy of Residence Permit or Work Permit (if not Namibian)
    7. Certified copies of Highest Educational Qualifications
    8. Proof of Registration as a Taxpayer from the relevant tax authority
    9. Proof of Bank Account (bank stamped)
    10. At least 3 Letters of Intent from Long-term Insurers
    11. Certified copy of Proof of Membership with Broker Controlling Body (NAIB)
    12. Proof of Professional Indemnity Insurance Cover with a limit of not less than N$1,000,000.00 (one million Namibian dollars) The broker individual should be indicated as one of the insured
    13. Sworn Affidavit(LT Broker Individual) The affidavit must be signed in the presence of an independent Commissioner of Oaths (or a Notary Public, if signed outside Namibia) and initialled on every page by the deponent and the Commissioner of Oaths
    14. Complete and submit the Register Broker Individual Form on NAMFISA Online ERS, where the above-mentioned documentation must be uploaded
    A broker individual must immediately notify NAMFISA in writing if he/she intends to move from one broker firm to another. Requirements
    1. Application Form – LT Broker Individual Movement
    2. At least 3 Letters of Intent from Insurers or Broker Firm
    3. NAMFISA Levy Statement (with no arears)
    4. Certified copy of ID / valid Passport
    5. Certified copy of a valid/unexpired Membership with Broker Controlling Body (NAIB or NIBA)
    6. Proof of valid/unexpired Professional Indemnity Insurance Cover of not less than N$1,000,000.00 (one million Namibian dollars). The broker individual should be indicated as one of the insured
    7. Copy of their NAMFISA licence
    8. Complete and submit the Register Broker Individual Form on NAMFISA Online ERS, where the above-mentioned documentation must be uploaded
    • See section 59 of the Long-term Insurance Act.
    Title
      General Feedback Complaints Against NAMFISA Consumer Complaints
      General Feedback Complaints Against NAMFISA Consumer Complaints
      Skip to content