Financial Crime World

Namibia Introduces New Financial Reporting Requirements for Insurance Brokers

The Namibian government has issued new standards for financial reporting requirements for insurance brokers in the country. These standards, published by the Namibia Financial Institutions Supervisory Authority (NAMFISA) under the Financial Institutions and Markets Act, 2021, aim to improve transparency and accountability in the insurance industry.

Annual Reporting Requirements

According to the new standards, registered insurance brokers are required to submit:

  • Annual financial statements prepared in accordance with International Financial Reporting Standards (IFRS) or Generally Accepted Accounting Practice (GAAP)
  • A report from an auditor
  • Unaudited annual financial statements for unlisted companies

Quarterly Reporting Requirements

In addition to annual reporting, registered insurance and reinsurance brokers are required to submit quarterly information to NAMFISA, including:

  • Certification of their financial soundness
  • Premium collection and payment details
  • Remuneration received from insurers and reinsurers
  • Other relevant information

Submission Forms and Due Dates

The standards specify the forms and methods of submission, as well as the due dates for reporting. Registered insurance brokers must submit:

  • Annual reports within 90 days of their financial year end
  • Quarterly reports within 30 days of the end of each quarter

NAMFISA may grant extensions to these deadlines upon application.

Accountability and Controls

The standards also emphasize the importance of accountability and require registered insurance brokers to ensure that:

  • Processes and controls are in place to support the submission of accurate and reliable information
  • All submitted information is authorized and signed by a Principal Officer or individual who is the registered insurance broker

Conclusion

The new financial reporting requirements aim to improve the transparency and accountability of insurance brokers in Namibia, and will help to strengthen the country’s financial regulatory framework.