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(MoneyNewsWire.Net, November 02, 2018 ) GlobalData’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 GlobalData’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.
Key Highlights:
- The NAMFISA supervises and regulates the Namibian insurance industry.
- Employee’s 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.
Get Sample Copy of this Report@ http://www.orbisresearch.com/contacts/request-sample/2360366
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.
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 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.
Reasons to buy:
- 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.
Make an Inquiry before Buying@ http://www.orbisresearch.com/contacts/enquiry-before-buying/2360366
Key Points from TOC:
1 INTRODUCTION 6
1.1 What is this Report About? 6
1.2 Definitions 6
2 GOVERNANCE, RISK AND COMPLIANCE 8
2.1 Legislation Overview and Historical Evolution 9
2.2 Latest Changes in Regulation 10
2.3 Legislation and Market Practice by Type of Insurance 25
2.3.1 Life insurance 27
2.3.2 Property insurance 29
2.3.3 Motor insurance 30
2.3.4 Liability insurance 32
2.3.5 Marine, aviation and transit insurance 32
2.3.6 Personal accident and health insurance 32
2.4 Compulsory Insurance 33
2.4.1 Motor third-party liability insurance 33
2.4.2 Employee’s compensation insurance 34
2.4.3 Social Security Scheme 35
2.4.4 Professional indemnity for insurance brokers 37
2.4.5 Liability insurance for ship owners in respect of oil pollution 38
2.5 Supervision and Control 40
2.5.1 International Association of Insurance Supervision 40
2.5.2 African Insurance Organization 41
2.5.3 Namibia Financial Institutions Supervisory Authority 41
2.6 Non-Admitted Insurance Regulations 42
2.6.1 Overview 42
2.6.2 Intermediaries 42
2.6.3 Market practices 42
2.6.4 Fines and Penalties 43
2.7 Company Registration and Operations 44
2.7.1 Type of insurance organization 45
2.7.2 Establishing a local company 45
2.7.3 Foreign ownership 45
2.7.4 Types of license 45
2.7.5 Capital requirements 46
2.7.6 Solvency margin 47
2.7.7 Reserve requirements 48
2.7.8 Investment regulations 48
2.7.9 Statutory return requirements 52
2.7.10 Fee structure 52
2.8 Taxation 55
2.8.1 Insurance premium or policy taxation 55
2.8.2 Withholding taxes on premium paid overseas 55
2.8.3 Corporate tax 55
2.8.4 VAT 56
2.8.5 Captives 56
2.9 Legal System 57
2.9.1 Introduction 57
2.9.2 Access to court 57
2.9.3 Alternative dispute resolution 59
3 APPENDIX 60
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