The ultimate purpose of Public
Notices is to share urgent
information, cautions and alerts
with the public by placing them in places
and mediums where the public is more
likely to notice.
It is important that information about
activities relevant to all consumers of
financial services is as widely accessible
as possible in order for the public to make
well-informed decisions.
Further, Public Notices help citizens
stay up to date with changes in their
communities and be on the alert against
fraud and theft in their financial dealings.
The Namibia Financial Institutions
Supervisory Authority (NAMFISA)
circulates information to the public through
various types of mediums, such as social
media, the NAMFISA website, newspapers
and radio.
TYPES OF PUBLIC NOTICES
There various types of public notices that
convey different types of information.
l WARNING NOTICE
This notice warns the public against, for
example, insurance agents and brokers not
licensed by NAMFISA to sell insurance
products in Namibia. This notice will alert
the public, note the names of the companies
involved, give advice for protective action
and urge consideration before these
business entities’ products are used.
For example, a warning notice can urge
the public to be aware and careful not to
invest their money or purchase policies
from un-registered agents and brokers.
The downside of ignoring the warning is
highlighted in the notice and contact details
for those wishing further information from
NAMFISA are also publicised.
l INFORMATIONAL NOTICE
This notice serves to inform the public
of the voluntary or forced/involuntary
de-registration of insurance agents and
brokers. Voluntary de-registration is when
a previously registered insurance agent or
broker chooses to no longer sell or advise
on insurance related business for whatever
reason. Forced de-registration can occur
for various reasons such as when an
insurance agent or broker:
l Does not pay outstanding levies to
NAMFISA;
l Does not comply with the laws and
rules that govern insurance; and
l Has been convicted of fraudulent
practices.
l EDUCATIONAL NOTICE
This notice intends to educate the
general public about insurance related
business issues and practices.
The Educational Notice can inform
the public about what kind of insurance
licenses are available in the market so they
can have a better choice when making their
decisions.
The notice can also advise potential
insurance policy consumers that any
agent and/or broker is obliged to explain
all details of the policy contract, fees and
conditions to their clients before he/she
signs for a particular insurance policy.
