The Namibia Financial Institutions Supervisory Authority (NAMFISA) was established by an Act of Parliament (Act No. 3 of 2001) and is mandated to regulate and supervise the business of financial institutions and financial services. The Long and Short-Term Insurance Acts both require that no person shall carry on the business of an insurance agent or Read more about Insurance Agents[…]
The Authority exists to supervise financial institutions and financial services and to advice the Minister of Finance on matters relating to financial institutional and financial services in terms of the Namibian Financial institution Supervisory Authority Act No. 3 of 2001. NAMFISA is the designated Anti Money Laundering (AML) / Combatting the Financing of Terrorism (CFT) Read more about Penalties for Non-Compliance with FIA[…]
Pre-existing conditions are medical conditions that existed before an insurance policy was taken out. Insurers usually exclude claims arising from pre-existing conditions, because insurance policies are intended to cover unexpected occurrences. Pre-existing conditions could be an injury, illness, sickness, disease, or other physical, medical, mental or nervous condition, disorder or ailment that with reasonable medical Read more about Effects of Non-Disclosure of Pre-Existing Medical Conditions[…]
Very often consumers take out Credit Life Insurance without actually knowing what it is. Simply stated, “Credit Life Insurance” is a life insurance policy taken out by a borrower in order to pay off a borrower’s debt if that borrower dies, is disabled or retrenched. In a typical policy, the borrower will pay a premium Read more about WHAT BORROWERS NEED TO KNOW ABOUT CREDIT LIFE INSURANCE[…]