Namibia Financial Institutions Supervisory Authority Act, 2001
Act 3 of 2001
- Published in Government Gazette 2529 on 14 May 2001
- Assented to on 20 April 2001
- Commenced on 14 May 2001 by Commencement of the Namibia Financial Institutions Supervisory Authority Act, 2001
- [This is the version of this document from 1 November 2006 and includes any amendments published up to 22 March 2024.]
- [Amended by Public Enterprises Governance Act, 2006 (Act 2 of 2006) on 1 November 2006]
Part I – PRELIMINARY
1. Definitions
In this Act, unless the context otherwise indicates -“Authority” means the Namibia Financial Institutions Supervisory Authority established by section 2;“board” means the board of the Authority established by section 10(1);“board of appeal” means the board of appeal established by section 19;“chief executive officer” means the person appointed as chief executive officer of the Authority in terms of section 5(1);“committee” means a committee appointed in terms of section 15(1);“financial institution” means -(a)a person registered in terms of section 23 of the Public Accountants’ and Auditors’ Act, 1951 (Act No. 51 of 1951), and who is a member of the Institute of Chartered Accountants of Namibia referred to in that Act;(b)a registered pension fund or provident fund as defined in section 1 of the Pension Funds Act, 1956 (Act No. 24 of 1956);(c)a registered friendly society as defined in section 1 of the Friendly Societies Act, 1956 (Act No. 25 of 1956);(d)a moneylender as defined in section 1 of the Usury Act, 1968 (Act No. 73 of 1968);(e)a unit trust scheme and any registered management company as defined in section 1 of the Unit Trusts Control Act, 1981 (Act No. 54 of 1981);(f)a scheme defined in section 1 of the Participation Bonds Act, 1981 (Act No. 55 of 1981);(g)a manager who, in terms of the Participation Bonds Act, 1981 (Act No. 55 of 1981), controls or administers a scheme;(h)a licensed stock exchange or stock broker as defined in section 1 of the Stock Exchanges Control Act, 1985 (Act No. 1 of 1985), and also any person contemplated in paragraph (d), (e) or (f) of section 4(1) of the said Act;(i)a registered fund as defined in section 1 of the Medical Aid Funds Act, 1995 (Act No. 23 of 1995);(j)a person registered as a Lloyd’s intermediary in terms of section 40 of the Short term Insurance Act, 1998 (Act No. 4 of 1998);(k)a registered insurer or reinsurer as defined in section 1 of the Short-term Insurance Act, 1998 (Act No. 4 of 1998), and of the Long-term Insurance Act, 1998 (Act No. 5 of 1998);(l)an insurance agent, an insurance broker or a reinsurance broker registered in terms of Part VII of the Short-term Insurance Act, 1998 (Act No. 4 of 1998), and of the Long-term Insurance Act, 1998 (Act No. 5 of 1998);(m)a board of executors or a trust company or any other company which invests, keeps in safe custody, controls or administers any trust property; or(n)any other person who renders a financial service as a regular feature of the business of that person, but who is not registered as a financial institution or authorised to render a financial service under a law referred to in paragraph (a) to (l) of this definition;“financial service” means any financial service rendered by a financial institution to the public or to a juristic person, and includes any service rendered by any other person and corresponding to a service normally rendered by a financial institution;“Minister” means the Minister responsible for finance;“prescribe” means prescribe by regulation; and“this Act” includes the regulations made under it.Part II – NAMIBIA FINANCIAL INSTITUTIONS SUPERVISORY AUTHORITY
2. Establishment of Authority
There is established a juristic person to be known as the Namibia Financial Institutions Supervisory Authority.3. Functions of Authority
The functions of the Authority are -4. Powers of Authority
5. Chief executive officer
6. Other employees of Authority
7. Remuneration and other conditions of service of employees of Authority
The Authority, in consultation with the Minister, and subject to section 22(3) of the Public Enterprises Governance Act, 2006 must determine the remuneration and other conditions of service of its employees, including conditions of service in respect of medical aid, housing and pension benefits.[Section 7 is substituted by Act 2 of 2006, as amended by Act 8 of 2015. The Public Enterprises Governance Act referred to is Act 2 of 2006.]8. Pension rights of employees of Authority
An employee of the Authority, who is a member of the Government Institutions Pension Fund at the time he or she is appointed by the Authority, must remain a member of that Fund, until such time that the Authority is able to set up its own pension fund.9. Funds of Authority
Part III – BOARD OF NAMIBIA FINANCIAL INSTITUTIONS SUPERVISORY AUTHORITY
10. Board
11. Disqualification for appointment as member or alternate member of board
A person does not qualify for appointment as a member or an alternate member of the board, if he or she -12. ***
[section 12 deleted by Act 2 of 2006]13. Vacation of office and filling of vacancies
14. Meetings of board
15. Committees of board
16. Remuneration and allowances of members of board and committees
17. Consultation with Minister
The board must -18. Rules by board
The board may make rules regarding -Part IV – BOARD OF APPEAL AND APPEALS AGAINST DECISIONS OF CHIEF EXECUTIVE OFFICER
19. Board of appeal
There is established, for the purpose of hearing appeals contemplated in section 24(1), a board of appeal which consists of three persons appointed by the Minister, of whom -20. Disqualification for appointment as member of board of appeal
A person does not qualify for appointment as a member of the board of appeal, if he or she -21. Term of office of members of board of appeal
Subject to section 22, a member of the board of appeal holds office for a period of three years and is at the expiration of that period eligible for re-appointment.22. Vacation of office and filling of vacancies
23. Remuneration and allowances of members of board of appeal
24. Appeals against decisions of chief executive officer
Part V – FINANCIAL PROVISIONS
25. Levies
26. Financial year
The financial year of the Authority shall end on 28 March in each year.27. Accounting and auditing
28. Annual report
Part VI – GENERAL PROVISIONS
29. Delegation of powers and assignment of duties
30. Preservation of secrecy
A member or an alternate member of the board, a member of a committee, the chief executive officer, or any other employee of the Authority or a member of the board of appeal shall not disclose to any person information relating to the affairs of the board, or of any other person, acquired by him or her in the performance of his or her duties or the exercise of his or her powers under this Act, except -31. Limitation of liability
The Minister, a member or an alternate member of the board, a member of a committee, the chief executive officer or any other employee of the Authority or a member of the board of appeal is not liable in respect of anything done or omitted to be done in good faith in the exercise of any power or the performance of any duty under this Act or any other law.32. Restriction on use of name or description implying connection with Authority
A person shall not apply to any company, body, firm, business or undertaking a name or description signifying some connection between that company, body, firm, business or undertaking and the Authority.33. Liquidation
The Authority must not be placed into liquidation, except by an Act of Parliament.34. Offences and penalties
Any person who contravenes section 30 or 32 shall be guilty of an offence and on conviction be liable to a fine not exceeding N$4 000 or to imprisonment for a period not exceeding two years or to both such fine and such imprisonment.35. Regulations
36. Application of Act
This Act does not affect the operation of any bank registered in terms of the Banking Institutions Act, 1998 (Act No. 2 of 1998), or the Building Societies Act, 1986 (Act No. 2 of 1986), in respect of any bank or building society business carried on by that bank or building society in accordance with the provisions of those Acts.37. Amendment of laws
The laws mentioned in the Schedule are amended to the extent indicated in the third column of that Schedule.38. Short title and commencement
History of this document
01 November 2006 this version
20 April 2001
Assented to
Subsidiary legislation
Title | Numbered title |
---|---|
Appeal Regulations, 2006 | Government Notice 160 of 2006 |
Cited documents 15
Legislation 15
- Banking Institutions Act, 1998
- Building Societies Act, 1986
- Commissions Act, 1947
- Friendly Societies Act, 1956
- Inspection of Financial Institutions Act, 1984
- Long-term Insurance Act, 1998
- Medical Aid Funds Act, 1995
- Participation Bonds Act, 1981
- Pension Funds Act, 1956
- Public Accountants’ and Auditors’ Act, 1951
- Public Service Act, 1995
- Short-term Insurance Act, 1998
- Stock Exchanges Control Act, 1985
- Unit Trusts Control Act, 1981
- Usury Act, 1968
Documents citing this one 81
Discussion Paper 1
Gazette 48
- Namibia Government Gazette dated 2001-05-14 number 2528
- Namibia Government Gazette dated 2001-05-14 number 2529
- Namibia Government Gazette dated 2001-06-15 number 2552
- Namibia Government Gazette dated 2002-06-01 number 2746
- Namibia Government Gazette dated 2003-04-01 number 2947
- Namibia Government Gazette dated 2004-04-01 number 3181
- Namibia Government Gazette dated 2004-08-02 number 3254
- Namibia Government Gazette dated 2004-12-31 number 3363
- Namibia Government Gazette dated 2005-07-15 number 3460
- Namibia Government Gazette dated 2006-09-14 number 3698
- Namibia Government Gazette dated 2006-09-22 number 3705
- Namibia Government Gazette dated 2007-07-20 number 3880
- Namibia Government Gazette dated 2009-06-01 number 4270
- Namibia Government Gazette dated 2010-08-16 number 4544
- Namibia Government Gazette dated 2010-11-05 number 4598
- Namibia Government Gazette dated 2010-12-31 number 4637
- Namibia Government Gazette dated 2011-03-01 number 4666
- Namibia Government Gazette dated 2011-12-09 number 4847
- Namibia Government Gazette dated 2011-12-15 number 4850
- Namibia Government Gazette dated 2012-04-30 number 4940
- Namibia Government Gazette dated 2012-12-14 number 5096
- Namibia Government Gazette dated 2013-05-31 number 5205
- Namibia Government Gazette dated 2013-05-31 number 5213
- Namibia Government Gazette dated 2013-12-31 number 5383
- Namibia Government Gazette dated 2014-07-15 number 5510
- Namibia Government Gazette dated 2014-08-05 number 5527
- Namibia Government Gazette dated 2016-03-04 number 5965
- Namibia Government Gazette dated 2016-11-25 number 6180
- Namibia Government Gazette dated 2016-11-28 number 6182
- Namibia Government Gazette dated 2016-11-28 number 6183
- Namibia Government Gazette dated 2016-11-29 number 6184
- Namibia Government Gazette dated 2017-10-10 number 6438
- Namibia Government Gazette dated 2018-07-31 number 6663
- Namibia Government Gazette dated 2018-07-31 number 6664
- Namibia Government Gazette dated 2018-08-31 number 6697
- Namibia Government Gazette dated 2018-09-10 number 6708
- Namibia Government Gazette dated 2018-12-28 number 6806
- Namibia Government Gazette dated 2019-07-23 number 6959
- Namibia Government Gazette dated 2020-02-04 number 7109
- Namibia Government Gazette dated 2020-06-15 number 7241
- Namibia Government Gazette dated 2021-08-13 number 7601
- Namibia Government Gazette dated 2021-10-01 number 7645
- Namibia Government Gazette dated 2021-10-01 number 7646
- Namibia Government Gazette dated 2021-10-01 number 7647
- Namibia Government Gazette dated 2022-07-28 number 7864
- Namibia Government Gazette dated 2023-07-27 number 8155
- Namibia Government Gazette dated 2023-08-15 number 8177
- Namibia Government Gazette dated 2023-08-31 number 8192
Judgment 16
- CEO of Namibia Financial Institutions Supervisory Authority v Fis Life Assurance Company Ltd and Others (234 of 2012) [2012] NAHC 296 (7 November 2012)
- Christian t/a Hope Financial Services (APPEAL 35 of 2013) [2016] NAHCMD 188 (30 June 2016)
- Christian t/a Hope Financial Services v Namibia Financial Institutions Supervisory Authority (1) (APPEAL 35 of 2013) [2016] NAHCMD 65 (10 February 2016)
- Christian t/a Hope Financial Services v Namibia Financial Institutions Supervisory Authority (2) (APPEAL 35 of 2013) [2016] NAHCMD 87 (31 March 2016)
- Christian t/a Hope Financial Services v Namibia Financial Institutions Supervisory Authority (3) (Appeal Judgment) (SA 36 of 2016) [2019] NASC 592 (7 October 2019)
- Christian v Namibia Financial Institutions Supervisory Authority (2) (APPEAL 244 of 2010) [2018] NAHCMD 19 (8 February 2018)
- FIS Life Insurance Company Limited v Registrar of Long-Term Insurance and Others (HC-MD-CIV-MOT-REV 341 of 2017) [2017] NAHCMD 312 (2 November 2017)
- Mparo and Others v Government of Republic of Namibia and Others (4085 of 2000) [2011] NAHC 84 (18 March 2011)
- Namibia Financial Institutions Supervisory Authority v Christian t/a Hope Financial Services (1) (APPEAL 35 of 2013) [2014] NAHCMD 54 (19 February 2014)
- Namibian Association of Medical Aid Funds and Others v Namibian Competition Commission and Another (18 of 2016) [2017] NASC 27 (19 July 2017)
- Namibian Financial Institutions Supervisory Authority v Christian and Another (APPEAL 244 of 2010) [2011] NAHC 141 (27 May 2011)
- Open Learning Group Namibia Finance CC v Permanent Secretary of the Ministry of Finance and Others (PA 90 of 2005) [2006] NAHC 1 (10 January 2006)
- Opperman and Others v Mutual and Federal Insurance Company Namibia Ltd (1771 of 2004) [2006] NAHC 29 (17 August 2006)
- Van Straten N.O and Another v Namibia Financial Institutions and Another (19 of 2014) [2016] NASC 10 (8 June 2016)
- Van Straten N.O and Others v Namibia Financial Institutions and Another (I 467 of 2012) [2022] NAHCMD 88 (4 March 2022)
- Van Straten NO and Others v Namibia Financial Institutions Supervisory Authority and Others (647 of 2012) [2014] NAHCMD 31 (31 January 2014)
Legislation 16
- Appeal Regulations, 2006
- Bank of Namibia Act, 2020
- Banking Institutions Act, 1998
- Banking Institutions Act, 2023
- Criminal Procedure Act, 1977
- Deposit Guarantee Act, 2018
- Financial Institutions and Markets Act, 2021
- Financial Intelligence Act, 2012
- Long-term Insurance Act, 1998
- Medical Aid Funds Act, 1995
- Microlending Act, 2018
- Namibia Financial Institutions Supervisory Authority Act, 2021
- Prevention of Organised Crime Act, 2004
- Public Enterprises Governance Act, 2006
- Short-term Insurance Act, 1998
- Unit Trusts Control Act, 1981