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Legal cession: Namibian insurers required to comply with the law

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Magazine Issue: 
The virtuous cycle of training [3]
Magazine date: 
Jan 2020

LawIn Namibia, legal cession is a matter of conflict [4] between insurers and the regulator. At the end of 2017, the Ministry of Finance introduced a law binding any insurance company to cede 20% to NamibRe on any reinsurance treaty and 12.5% on any underwriting above 100 000 NAD (6 890 USD).

Since this measure has come into effect in June 2018, several insurers have notified the ministry of their reluctance to comply with it. The companies believe that the authorities must not force them to deal with NamibRe.

The Supreme Court is calling on insurers to comply with the legislation reiterating that the regulation is fully applicable. It therefore calls on the Ministry of Finance to take all necessary measures to enforce the law.

Fri, 03/01/2020 - 09:47

Source URL: https://www.atlas-mag.net/en/article/legal-cession-namibian-insurers-required-to-comply-with-the-law

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[4] https://www.atlas-mag.net/en/article/reinsurance-legal-cession-project-in-namibia