Long-term Insurance Companies

About

  • Long-term Insurance Companies 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, a “registered insurer” is a person registered under section 16(3) of the Act to conduct long-term insurance business.

    “Long-term insurance business” refers to providing or undertaking to provide policy benefits under long-term policies. A “long-term policy” includes disability, fund, funeral, health, life, or sinking fund policies, or a contract combining any of these.
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”.
  • Submit the hard copy application form and all the supporting documents to NAMFISA
  • Once the Applicant for Registration Form is successfully submitted on NAMFISA Online (ERS), the applicant must submit the hard copy application form and all the supporting documents to NAMFISA.

Application Requirements

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Online Form
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The Application Form should be accompanied by the documents listed in section 8 of the form.

Separate copies of the LP FAP Questionnaire must be submitted on behalf of the applicant, and every corporate entity or trust:

  1. Controlling the applicant (including joint control)
  2. Directly or indirectly holding 20% or more of the ownership interest or voting rights in the applicant

The questionnaire must be completed by an authorised representative of the legal person.

The questionnaire must be initialled on every page and signed in the presence of an independent Commissioner of Oaths (or a Notary Public, if signed outside Namibia), together with certified supporting documents evidencing all information provided in the statement, including:

  1. If the entity is a corporate entity or trust – original certified copies of the entity’s Certificate of Incorporation, Memorandum of Association and Articles of Association or Founding Statement or Trust Deed and/or any other instrument constituting or defining the constitution of the entity/trust
  2. Original certified copies of documents disclosing and providing Proof of the Source of Funds that will be used as the start-up capital or to otherwise fund the applicant

The NP FAP Questionnaire is to be completed by all natural persons:

  1. Directly or indirectly holding 20% or more of the ownership interest in the applicant
  2. Directly or indirectly controlling the applicant
  3. Appointed/proposed to be appointed as a director, or principal officer of the applicant
  4. Appointed as a director or trustee of any entity directly or indirectly holding 20% of more of the ownership interest in the applicant
  5. Who are trust beneficiaries of any trust directly or indirectly holding 20% of more of the ownership interest in the applicant

The questionnaire must be initialled on every page and signed in the presence of an independent Commissioner of Oaths (or a Notary Public, if signed outside Namibia), together with certified supporting documents evidencing all information provided in the statement, including the person’s:

  1. Up-to-date Curriculum Vitae
  2. Original certified copy of Identity Document/Passport
  3. Original certified copy(s) of Certificate(s) of Conduct (not older than 12 months). The Certificate(s) of Conduct must be from all jurisdictions the person lived in the past 10 years
  4. Original certified copies of Academic Qualifications
  5. Original certified copies of Reference Letters or Certificates/Letters of Service
  6. Signed Declaration of Interests

In terms of the Financial Intelligence Act, 2012 (Act No. 13 of 2012) (FIA), NAMFISA has an obligation to supervise, monitor, and enforce compliance with the provisions of FIA in respect of all Accountable Institutions (AIs) supervised by it.

In light of the above and in addition to the submission of the LP & NP FAP Questionnaires and Proof of Source of Funds (and the supporting documents), the following should be complied with when applying for registration:

  1. Compliance Officer Appointment: Appoint a Compliance Officer, who will act as the primary point of contact for all regulatory and anti-money laundering compliance matters;
  2. Financial Intelligence Center (FIC) Registration Form: Complete and submit the Financial Intelligence Centre (FIC) Registration Form as part of the application for registration;
  3. FIA Compliance Program: Submit a FIA Compliance Program as part of the application for registration, ensuring alignment with the latest guidelines.
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Title

    No registered insurer or reinsurer 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. Letter notifying NAMFISA of the change
    2. Original certified copies of Form CM7, Form CM9 and Form CM26
    3. Proof of change of name fee of N$100.00
    4. Effect the change on NAMFISA Online (ERS) by completing and submitting a “Change Company Name” Form
    5. Submit the hard copy application and all the supporting documents to NAMFISA Reception, Upper Ground Floor, 51 -55 Werner List Street, Gutenberg Plaza, Windhoek or email it to licensing@namfisa.com.na
    6. Return of original licence in old name upon collection of new licence (if the original licence has been lost, a police declaration to that effect must be submitted)

    A long-term insurer must inform NAMFISA should the address of its principal office change.

    Requirements:

    1. Letter notifying NAMFISA of the change
    2. Original certified copy of the Certificate of Fitness and Registration as issued by the relevant local authority
    3. Effect the change on NAMFISA Online (ERS) by completing and submitting a “Change Company Details” Form
    4. Submit the hard copy application and all the supporting documents to NAMFISA Reception, Upper Ground Floor, 51 -55 Werner List Street, Gutenberg Plaza, Windhoek or email it to licensing@namfisa.com.na

    A long-term insurer must inform NAMFISA should its contact details or that of its directors, principal officer, auditor or valuator 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. Submit the hard copy application and all the supporting documents to NAMFISA Reception, Upper Ground Floor, 51 -55 Werner List Street, Gutenberg Plaza, Windhoek or email it to licensing@namfisa.com.na

    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. Submit the hard copy application and all the supporting documents to NAMFISA Reception, Upper Ground Floor, 51 -55 Werner List Street, Gutenberg Plaza, Windhoek or email it to licensing@namfisa.com.na

    A long-term insurer must notify NAMFISA of every appointment or resignation of members of its board of directors.

    Requirements:

    1. Letter notifying NAMFISA of the change
    2. Natural Persons (NP) Fit and Proper (FAP) Requirements Questionnaire initialled on every page and signed in the presence of an independent Commissioner of Oaths (or a Notary Public, if signed outside Namibia)
    3. Up-to-date Curriculum Vitae
    4. Original certified copy of Identity Document/Passport
    5. Original certified copy(s) of Certificate(s) of Conduct (not older than 12 months). The Certificate(s) of Conduct must be from all jurisdictions the person lived in the past 10 years
    6. Original certified copies of Academic Qualifications
    7. Original certified copies of Reference Letters or Certificates/Letters of Service
    8. Signed Declaration of Interests
    9. Original certified copies of Form CM27
    10. Effect the change on NAMFISA Online (ERS) by completing and submitting a “Add/Remove/Update Director” Form where the above-mentioned documentation must be uploaded
    11. Submit the hard copy application and all the supporting documents to NAMFISA Reception, Upper Ground Floor, 51 -55 Werner List Street, Gutenberg Plaza, Windhoek or email it to licensing@namfisa.com.na
    12. Effect the necessary change of directors with BIPA and submit an updated Form CM29 to NAMFISA

    Every registered short-term insurer shall appoint a fit and proper person to be its principal officer in Namibia and who shall, unless the Registrar in exceptional circumstances otherwise determines, be a person who is a Namibian citizen.

    Requirements:

    1. Letter notifying NAMFISA of the change
    2. Natural Persons (NP) Fit and Proper (FAP) Requirements Questionnaire initialled on every page and signed in the presence of an independent Commissioner of Oaths (or a Notary Public, if signed outside Namibia)
    3. Up-to-date Curriculum Vitae
    4. Original certified copy of Identity Document/Passport
    5. Original certified copy(s) of Certificate(s) of Conduct (not older than 12 months). The Certificate(s) of Conduct must be from all jurisdictions the person lived in the past 10 years
    6. Original certified copies of Academic Qualifications
    7. Original certified copies of Certificates or Letters of Service from employers or letters from at least two clients serving as confirmation that the required period of relevant experience have been satisfactorily completed
    8. Signed Declaration of Interests
    9. 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

    Every registered long-term insurer shall, subject to the approval of the Registrar, appoint, and at all times have, an auditor for its business in Namibia and shall notify the Registrar in writing of such appointment.

    Requirements:

    1. Letter notifying NAMFISA of the change
    2. Application Form – Appointment of Auditor
    3. Original certified copies of proof of membership with professional bodies i.e. PAAB and Institute of Chartered Accountants of Namibia (ICAN) of the proposed Engagement Partners
    4. Original certified copies of certificate or letter of good standing issued by the professional body not older than six (6) months from date of issue
    5. Original certified copy(s) of Identity Document(s) of responsible partner/auditor(s) on this audit (and passport, if applicable)
    6. Curriculum vitae of responsible partner/auditor
    7. Original certified copies of qualifications of all auditors associated with this audit and the responsible partner
    8. Copies of service agreement between insurer and the auditor
    9. Board resolution for the appointment of auditor
    10. Appointment letter of auditor
    11. Acceptance letter by auditor
    12. Effect the change on the NAMFISA Online (ERS) by completing and submitting a “Change Company Details” Form, where the above-mentioned documentation must be uploaded
    13. Submit the hard copy application and all the supporting documents to NAMFISA Reception, Upper Ground Floor, 51 -55 Werner List Street, Gutenberg Plaza, Windhoek or email it to licensing@namfisa.com.na
    14. The resigning auditor within 30 days submit to the Registrar a written statement of what he or she believes to be the reasons for the termination of the appointment, stating any matter relating to the affairs of the registered insurer or reinsurer which in the opinion of that auditor may be of concern to the Registrar

    If at any time so requested in writing by the Registrar, a registered insurer shall, subject to the written approval of the Registrar, appoint, and at all times during such period as may be determined by the Registrar have, an actuary to be its valuator for the purposes of this Act.

    Requirements:

    1. Letter notifying NAMFISA of the change
    2. Application Form – Appointment of Valuator
    3. Original certified copies of proof of membership with professional actuarial bodies or societies
    4. Original certified copy of Identity Document of valuator
    5. Curriculum vitae of valuator
    6. Original certified copies of qualifications of valuator
    7. Board resolution for the appointment of valuator
    8. Appointment letter of valuator
    9. Effect the change on the NAMFISA Online (ERS)
    10. The resigning valuator within 30 days submit to the Registrar a written statement of what he or she believes to be the reasons for the termination of the appointment, stating any matter relating to the affairs of the registered insurer or reinsurer which in the opinion of that auditor may be of concern to the Registrar

    No acquisition of shares or any other interest in the long-term insurance business of a registered insurer or reinsurer resulting in the holding of 25 per cent or more of the value of all the shares or other interest in such business shall be of any force and effect unless that acquisition has previously been approved by the Registrar in writing.

    Except with the prior written approval of the Registrar –

    1. No person shall directly or indirectly acquire control of a registered insurer or reinsurer
    2. No insurance broker or reinsurance broker shall acquire or hold shares in the long-term insurance business of a registered insurer or reinsurer

    Requirements:

    1. Letter detailing proposed change in shareholding/control
    2. Board resolution/s in respect of the change in shareholding
    3. Current organogram
    4. Proposed organogram (depicting the complete structure of the group, including: the extent of interest held by the different shareholders in the group and sufficient information to enable NAMFISA to identify the ultimate beneficial owners as defined in the Financial Intelligence Act)
    5. Copy of the signed Sale/Transfer of Shares Agreement
    6. Documentary Proof of the Source of Funds used to acquire the shareholding / additional shares in the entity. The proof should include the activities conducted to earn the funds used to acquire the shareholding (i.e., latest audited financial statements (where shareholding is acquired by a legal person) as well as the bank statements clearly reflecting the transfer of funds to the sale of shares beneficiaries (previous holders of the shares), amongst others)
    7. If the new shareholder is a natural person:
    8. If the new shareholder is a legal person:
    9. Effect the change on NAMFISA Online ERS, where the above-mentioned documentation must be uploaded
    10. Submit the hard copy application and all the supporting documents to NAMFISA Reception, Upper Ground Floor, 51 -55 Werner List Street, Gutenberg Plaza, Windhoek or email it to licensing@namfisa.com.na

    Long-term insurance agents are registered and regulated in terms of the Long-term Insurance Act, 1998.

    1. Section 55(1) of the Act states that no person shall carry on the business of an insurance agent in Namibia unless such person is registered to carry on any such business
    2. Section 55(2) of the Act provides that an application for registration as an insurance agent shall –
      • Be made to the Registrar in such manner and form as may be determined by the Registrar
      • Be accompanied by
        • such documents and information as the Registrar may require in the particular case
        • the prescribed application fees
    3. Section 55 (3) of the Act states that, if the Registrar is satisfied that
      • The applicant’s registration will not be contrary to the public interest
      • The applicant-
        • is not seeking to be registered under a name identical to the name of any other person registered in terms of this Act or a name so closely resembling the name of any such person as to be mistaken for it
        • is not an un-rehabilitated insolvent
        • has not been convicted by any court of any offence involving dishonesty, or of an offence in terms of this Act, for which the applicant was imprisoned without the option of a fine
        • has, in the case of an application for registration as an insurance broker or a reinsurance broker, not entered into an agreement relating to the preferential offer of long-term insurance business with any other person carrying on long-term insurance business so as to impair his or her impartiality in placing long-term insurance business, the Registrar shall, register the applicant as an insurance agent, and issue to the applicant a certificate of registration in a form determined by the Registrar

    In terms of the Long-term Insurance Act, an “insurance agent” means a person who on behalf of one or more insurers –

    1. Solicits long-term insurance business
    2. Performs any act relating to the receiving of proposal forms for such business or the issue of policies or the collection of premiums in respect of such business,but does not include an employee of an insurer unless the remuneration of that employee comprises commission

    Complete the Register Agent Form / the Reregister Agent Individual Form on NAMFISA Online (ERS)

    Please Note:

    1. These online forms must be fully completed and submitted with all the required supporting documents attached. If submitted successfully, the status of the form will change to “pending approval”
    2. NAMFISA no longer accepts hardcopy applications for registration of insurance intermediaries
    3. All applications must be submitted electronically via, NAMFISA Online (ERS)
    4. If any required documents are outstanding or any information is incomplete, the application will be returned on the system and the applicant granted 7 working days within which to submit the outstanding information or documentation via NAMFISA Online (ERS)
    5. Should the applicant fail to do so, the application will be declined. The applicant may, thereafter, resubmit a new complete application

    In this regard, see: Circular Letter: LL/LR/1/2024.

    Requirements:

    1. Application Form – Application for Registration as a Long-term Insurance Agent (Individual)
    2. Registration Fee – N$200.00
    3. Proof of Bank Account
    4. Letter of Intent from Insurer (s)
    5. Abridged or Shortened CV
    6. Certified copies of Highest Educational Qualifications
    7. Sworn Affidavit and Fit and Proper Questionnaire signed in-front of a Commissioner of Oaths. Kindly note that each page should be initialled by the applicant and Commissioner of Oaths
    8. Certified copy of ID/valid Passport
    9. Certified copy of Residence Permit or Work Permit (if not Namibian)
    10. Proof of registration as a taxpayer from the relevant tax authority

    NB: All copies of original documents to be submitted should be duly certified. No copies made from certified documents will be accepted.

    Requirements:

    1. Application Form – Application for Registration as a Long-term/Short-term Insurance Agent (Insurance Agent Firm)
    2. Registration Fee – N$200.00
    3. Proof of Bank Account (bank stamped)
    4. Certified copies of Memorandum and Articles of Association or Founding Statement (part of the principal business should include insurance agency business)
    5. List of Directors or Members
    6. Certified copies of Directors or Members’ ID/Valid Passport
    7. Certified copies of Share Certificates
    8. Certified copy of Certificate of Registration or/ of Fitness from relevant local authority
    9. Letter of Intent from Insurer (s)
    10. Proof of registration as a taxpayer from the Receiver of Revenue

    Principal Officer’s

    1. Abridged or Shortened CV
    2. Certified copies of Highest Educational Qualifications
    3. Sworn Affidavit and Fit and Proper Questionnaire signed in-front of a Commissioner of Oaths. Kindly note that each page should be initialled by the applicant and Commissioner of Oaths
    4. Certified copy of ID/Valid Passport
    5. Certified copy of Residence Permit or Work Permit (if not Namibian)
    6. Proof of registration as a taxpayer from the Receiver of Revenue

    NB: All copies of original documents to be submitted should be duly certified. No copies made from certified documents will be accepted.

    The Registrar should be notified immediately of any movement of an insurance agent from one insurer to another or upon an agent exiting the industry.

    Requirements:

    1. Effect the change on the NAMFISA Electronic Regulatory System (“ERS”)
    2. Complete application form for Movement of an existing Long-term/Short-term Insurance Agent (Individual or Natural Person)
    3. Letter of Intent from Insurer (s)
    4. NAMFISA Levy Statement (with no arrears)
    5. Certified copy of ID/Valid Passport
    6. Certified copy of NAMFISA licence

    The Registrar should be notified immediately of any movement of an insurance agent from one insurer to another or upon an agent exiting the industry.

    Requirements:

    1. Effect the change on the NAMFISA Electronic Regulatory System (“ERS”)
    2. Complete application form for Movement of an existing Long-term Insurance Agent (Insurance Agent Firm)
    3. Letter of Intent from Insurer (s)
    4. NAMFISA Levy Statement (with no arrears)
    5. Certified copy of Memorandum and Articles of Association or certified Founding Statement (part of the principal business should include insurance agency business)
    6. Certified copy of NAMFISA licence
    7. Certified copy of Certificate of Registration or/of Fitness from relevant local authority
    • See section 17 of the Long-term Insurance Act.
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