Namibia Special Risks Insurance Association Act, 2017
Act 5 of 2017
- Published in Government Gazette 6420 on 27 September 2017
- Assented to on 6 September 2017
- Commenced on 1 August 2018 by Commencement of Namibia Special Risk Insurance Association Act, 2017
- [This is the version of this document from 27 September 2017 and includes any amendments published up to 17 November 2023.]
Part 1 – Introductory provisions
2. Object of ActThe object of this Act is to -
Part 2 – Establishment of Company
3. Conversion of the Company
4. Application of provisions of Companies Act
5. Application of provisions of Short-term Insurance Act
6. Objects of CompanyThe objects of the Company are to -
7. Powers and functions of Company
8. Principal office and other branch offices of Company
9. Board of directors
10. Appointment of directors
11. Alternate directors
12. Term of officeDespite anything in any other law, the term of office of a director is three years and he or she may be reappointed on expiry of such term.
13. Vacation of office
14. Declaration of interest by directors or alternate directors
15. Meetings of Board
16. Committees of Board
17. Minutes of proceedings of Board and committees
18. Delegation of powers and functions
19. Managing director
20. Staff of Company
21. Limitation of liability
Part 3 – Financial provisions
22. Capital and reserve funds
23. Margin of solvency
24. Funds of Company
25. Investment of fundsSubject to section 27 of the Public Enterprises Governance Act, moneys that the Company does not require for immediate use or as a reasonable working balance, may be invested at any financial institution approved by the Minister.
26. Loans and credit facilities to CompanySubject to section 20(3)(d) of the Public Enterprises Governance Act, the Company may, with the prior written approval of the Minister after consultation with the Registrar of Short-term Insurance, borrow moneys or obtain any other credit facilities from any banking institution, building society or any other institution approved by the Minister.
27. General reserve fund
28. Distribution of balance of net profitsThe Board may declare and pay dividends in accordance with section 25 of the Public Enterprises Governance Act.
29. Financial yearThe financial year of the Company ends on 31 March of each year.
30. Accounts and auditing
31. Powers and functions of auditor
32. Annual report
33. Preservation of secrecy
Part 4 – Short-term insurance for special risks
34. Termination of existing Agreement with NASRIA
35. Premiums protected against creditors
36. Restriction of insurance for special risks
Part 5 – General provisions
37. Payment of certain taxes, duties, levies and other feesSubject to this Act, the Company is not be liable to pay any taxes, duties, levies and other fees imposed or payable by or under any law and which are applicable to the Company until such time as the Company is restructured in terms of section 3(7).
39. Staff rules and administrative directives by BoardThe Board may make staff rules and issue administrative directives for the proper control and effective conduct of the affairs of the Company.
40. Liquidation or judicial management of CompanyThe Company may not be wound up or placed under judicial management except by or under the authority of an Act of Parliament.
41. Repeal of lawsSubject to the provisions of section 42(2), the Second Finance Act, 1987 (Act No. 27 of 1987) is repealed.
42. Savings and transitional provisions
43. Short title and commencement
History of this document
01 August 2018
27 September 2017 this version
06 September 2017