Related documents
Namibia National Reinsurance Corporation Act, 1998
Regulations in Terms of Section 47 of Namibia National Reinsurance Corporation Act, 1998
Government Notice 332 of 2017
- Published in Government Gazette 6496 on 29 December 2017
- Assented to on 15 December 2017
- Commenced on 27 June 2018
- [This is the version of this document from 29 December 2017 and includes any amendments published up to 19 April 2024.]
1. Definitions
In these regulations, a word or an expression to which a meaning has been assigned in the Act has that meaning and unless the context indicate otherwise-“bordereau” means a detailed memorandum providing the premium, commission and loss data with respect to identified risks for a specified period;“cede” means to assign or transfer the risk or a portion of the risk attached under an insurance contract or a reinsurance contract to a registered reinsurer;“commission” means the rate of commission, determined and specified by the Minister in terms of section 43(2) the Act, payable as compensation by the Corporation in terms of section 43(1) to a registered insurer or registered reinsurer;“day” means any day other than a Saturday, Sunday or public holiday and when any particular number of days is prescribed for the doing of any act, the number of days must be calculated by excluding the first day and including the last day;“in force” means insurance contracts and reinsurance contracts, issued by a registered insurer or registered reinsurer, in which the premiums are being paid or have been fully paid;“loss event” means an occurrence of something that has been insured against, thus giving rise to a claim.“over-rider commission” means additional commission, determined and specified by the Minister in terms of section 43(2) of the Act, payable by the Corporation in terms of section 43(1) to a registered insurer or registered reinsurer;“quarter” means a period of three consecutive months into which a calendar year is divided;“statement of account” means a document recording a summary of all transactions for a specified period;“the Act” means the Namibia National Reinsurance Corporation Act, 1998 (Act No. 22 of 1998);“waive” means to refrain from applying or enforcing the right to receive a cession in terms of section 39(4) or section 40(1) of the Act; and“waiver” means a document recording the waiving of the right to receive a cession in terms of section 39(4) or section 40 of the Act.2. Application of regulations
These regulations apply to insurance business, registered insurers and insurance contracts and reinsurance business, registered reinsurers and reinsurance contracts.3. Consent to act as Director of the Corporation
The written consent, contemplated in section 4(4) of the Act, to act as a Director of the Corporation, must be lodged with the Minister in the form substantially corresponding with Annexure 1.4. Returns and information to be supplied by registered insurers and reinsurers
Every registered insurer and registered reinsurer must, within 30 days after closing its records, give the Corporation any relevant information relating to all insurance contracts and reinsurance contracts ceded to or offered to and accepted by the Corporation during the period to which such records relate, including-5. Notification of risk accepted
Every registered insurer and registered reinsurer must, in respect of insurance business and reinsurance business ceded to or accepted by the Corporation in terms of sections 39 and 40 of the Act, not less than 7 days prior to accepting any risk where the aggregate value of the insurance obligations relating to any risk insured under the insurance policy exceeds the maximum amounts indicated in Annexure 2, report to the Corporation the following minimum information related to the risk accepted-6. Notification of claim or loss event
Every registered insurer and registered reinsurer must, in respect of insurance business and reinsurance business ceded to or accepted by the Corporation in terms of sections 39 and 40 of the Act, within 14 days of notification of a claim or loss event with a gross estimate exceeding the maximum amounts indicated in Annexure 3, report to the Corporation in a form substantially corresponding with Annexure 4, the following minimum information related to the claim or loss event-7. Matters incidental to the payment of claims
8. Waiver of inability to accept insurance business
A certificate contemplated in section 40(5) of the Act must be in the form substantially corresponding with Annexure 5.9. Contracts for ceding business to Corporation
10. Bookkeeping and accounts of the Corporation
The Corporation must prepare the accounts, balance sheet and statement referred to in section 33(2) of the Act in accordance with generally accepted accounting practice, principles and procedures.11. Offences and penalties
12. Commencement of regulations
These regulations come into operation 180 days from the date of publication in the Gazette.History of this document
27 June 2018
Commenced
29 December 2017 this version
15 December 2017
Assented to