Namibia National Reinsurance Corporation Act, 1998
Act 22 of 1998
- Published in Government Gazette no. 1949 on 9 September 1998
- Assented to on 25 August 1998
- Commenced on 1 July 1999 by Government Notice of 1999
- [This is the version of this document from 9 September 1998 and includes any amendments published up to 6 October 2022.]
Part I – Introductory provisions
Part II – Establishment and administration of Corporation
2. Establishment of Corporation
3. Principal office and other branch offices of Corporation
4. Board of directors
5. Alternate directors
6. Disqualification of directorsNo person shall be qualified for appointment or election as a director, if he or she -
7. Tenure and conditions of office of directors
8. Vacation of office by directors
9. Filling of casual vacancies on BoardAny casual vacancy on the Board caused by the death of any director, or the removal from or vacation of office of any such director shall, with due regard to the provisions of section 4(2), be filled for the unexpired portion of the period of office of the director who has died, or has been removed from or has vacated his or her office, as the case may be.
10. Remuneration and allowances of directors and members of committeesA director, and any person appointed as a member of a committee of the Board in terms of section 13(2)(b), who are not in the full-time employment of the State shall be paid from the funds of the Corporation -
11. Declaration by directors of interest
12. Meetings and proceedings of Board
13. Committees of Board
14. Minutes of proceedings of Board and committees
15. Validity of decisions and acts of BoardSubject to the provisions of section 12(6), no decision or act of the Board performed by authority of the Board shall be invalid by reason only -
16. Execution of agreements and instruments by CorporationAny agreement, instrument or other document approved by the Board may be entered into or executed on behalf of the Corporation by any person or persons generally or particularly authorized thereto in writing by the Board.
17. Secretariat to Board
18. Managing Director
19. Staff of CorporationThe Board may appoint, upon such terms and conditions as to remuneration and otherwise as it may determine, such other persons as the Board may consider necessary to employ to perform the functions and conduct the affairs of the Corporation, and such employees may in accordance with those terms and conditions be promoted, discharged, reduced in rank or grade or transferred.
Part III – Objects and powers, duties and functions of corporation
20. Objects of CorporationThe objects of the Corporation are -
21. Powers of CorporationThe Corporation may, subject to the provisions of this Act, do or cause to be done all or any of such things which -
22. Duties and functions of CorporationNotwithstanding anything to the contrary contained in the Short-term Insurance Act or the Long-term Insurance Act, the functions of the Corporation are -
Part IV – Financial provisions relating to corporation
23. Authorized share capital and allotment and issue of shares
24. Prohibition of certain transactions in respect of shares
25. Loans and credit facilities to Corporation
26. Funds of Corporation
27. Investment of fundsMoneys which are not required by the Corporation for immediate use or as a reasonable working balance, may, in such manner and subject to such conditions as the Board in consultation with the Minister may determine, be invested in good and sound investments.
28. General reserve fund and other special reserve funds
29. Staff welfare fund
30. Distribution of balance of net profitsThe Board in consultation with the Minister shall at the end of each financial year determine what percentage of the annual net profits of the Corporation remaining after provision has been made for all deposits which are in terms of sections 28 and 29 required or permitted to be made, shall be set aside as surplus of the Corporation and what percentage of such profits, if any, shall be paid as dividends to the shareholders.
31. Financial year of CorporationThe financial year of the Corporation shall end on 31 March in each year.
32. Technical and financial plan of CorporationThe Board -
33. Bookkeeping and accounts of Corporation
34. Appointment of auditorThe Corporation shall at all times have one or more auditors appointed by the Board subject to the approval of the Minister.
35. Functions, powers and duties of auditor
36. Annual report of Corporation
37. Preservation of secrecy
Part V – Provisions governing compulsory reinsurance to corporation
38. Application of Part VThe provisions of this Part shall apply to every registered insurer and registered reinsurer carrying on insurance business in Namibia and to each policy and reinsurance contract the obligation of which is attached to any risk situated within Namibia.
39. Compulsory reinsurance to Corporation of insurance business by registered insurers and reinsurers
40. Pre-emptive right of Corporation in respect of reinsurance business
41. Corporation may call for informationThe Corporation may by written notice require any registered insurer or registered reinsurer to furnish or submit to it in writing, within a period specified in that notice, such information or returns as the Corporation may specify in that notice relating to any insurance business ceded or offered to the Corporation in terms of the provisions of this Part.
42. Offences and penalties
43. Commission payable by Corporation
Part VI – General provisions
44. Limitation of liabilityNo liability shall attach to the Corporation, or, in his or her personal capacity, any director (including the Managing Director) or employee of the Corporation, any member of a committee of the Board or any staff member of the Ministry of Finance, for any loss sustained by or damage caused to any person as a result of anything done or omitted by such director (including the Managing Director) or employee, such member or such staff member in the bona fide performance of any function in terms of this Act.
45. Payment of certain taxes, duties, levies and other fees
46. Staff rules and administrative directives by Board[The heading of this section in the ARRANGEMENT OF SECTIONS is “Staff rules and administrative directives”.]The Board may make staff rules and issue administrative directives not inconsistent with the provisions of this Act for the proper control of the Corporation and the effective conduct of its affairs.
48. Memorandum of association and articles of association of Corporation
49. Liquidation of CorporationThe Corporation shall not be wound up except by or under the authority of an Act of Parliament.
50. Short title and commencementThis Act shall be called the Namibia National Reinsurance Corporation Act, 1998, and shall come into operation on a date to be fixed by the Minister by notice in the Gazette.
History of this document
01 July 1999
09 September 1998 this version
Published in Government Gazette number 1949
25 August 1998
Cited documents 5
Documents citing this one 9
- Hollard Insurance Company of Namibia Limited and Others v Minister of Finance and Another (2) (HC-MD-CIV-MOT-REV 127 of 2018)  NAHCMD 9 (21 January 2020)
- Hollard Insurance Company of Namibia Limited and Others v Minister of Finance and Another (3) (HC-MD-CIV-MOT-REV 2 of 2017)  NAHCMD 32 (31 January 2020)
- Minister of Finance and Another v Hollard Insurance Company of Namibia Limited and Others (1) (HC-MD-CIV-MOT-GEN 227 of 2018)  NAHCMD 294 (20 September 2018)
- Minister of Finance and Another v Hollard Insurance Company of Namibia Limited and Others (2) (HC-MD-CIV-MOT-GEN 227 of 2018)  NAHCMD 391 (29 November 2018)
- Minister of Finance and Another v Hollard Insurance Company of Namibia Limited and Others (3) (8 of 2018)  NASC 13 (28 May 2019)
- Minister of Finance and Another v Hollard Insurance Company of Namibia Limited and Others (4) (SA 19 of 2019)  NASC 599 (9 December 2019)
- Minister of Finance v Hollard Insurance Company of Namibia Limited and Others (SA 51 of 2020)  NASC 12 (29 March 2021)
- Minister of Finance v Hollard Insurance Company of Namibia Limited (SA 51 of 2020)  NASC 53 (29 April 2021)
- Public Enterprises Governance Act, 2006