APPLICATION FORM FOR REGISTRATION AS A SHORT-TERM INSURANCE
AGENT – Individual or Natural Person

How to Complete the Application Form for Registration as a Short-Term Insurance Agent

Completing the NAMFISA Application Form for Registration as a Short-Term Insurance Agent is one of the things you should do if you are interested in becoming a short-term insurance agent in Namibia. In this guide, we will go through the NAMFISA form and provide you with tips and guidance to ensure that your application is successful.

Sections in the Application Form for Registration as a Short-Term Insurance Agent

Section 1: Details of an Insurance Agent

This section requires you to provide your personal details, including your full name, surname, nickname (if any), NAMFISA license number, ID/passport number, gender, marital status, and income tax number. Ensure that all information is accurate and up-to-date.

Section 2: Contact Details

In this section, you need to provide your work and home address and contact details. This includes your physical and postal address, telephone number, facsimile number, and email address. Ensure that you provide the correct and complete information as this will be used to contact you regarding your application.

Section 3: Employment History

You will need to provide your current and previous employment details, including your employer’s name, position, and date of employment. Additionally, you will need to list your educational qualifications and relevant training attended.

Section 4: Banking Details

Provide your banking details, including the bank name, branch name, branch code, account number, and account type.

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Section 5: Attachments

You will need to submit the following attachments along with your NAMFISA application form:

  • Registration fee of N$ 200.00
  • Proof of bank account
  • Letter of intent from insurer(s)
  • Proof of annual levy payment (if registered with NAMFISA previously)
  • Abridged or shortened CV
  • Certified copies of highest educational qualifications
  • Affidavit and Fit and Proper Questionnaire signed in front of a Commissioner of Oath
  • Certified copy of ID/valid passport
  • Residence permit or work permit (if not Namibian)
  • Proof of registration as a taxpayer from the Receiver of Revenue

Ensure that all copies of the original documents are duly certified, and no copies made from certified documents will be accepted.

Section 6: Declaration

In this section, you will need to sign the NAMFISA form and declare that you have not been convicted by any court of any offense involving dishonesty, or of an offense in terms of the Short-term Insurance Act (No. 4 of 1998). By signing the form, you guarantee that you will conduct short-term insurance business in Namibia in compliance with the relevant legislation and adhere to the requirements and conditions stated in the NAMFISA application form.

Requirements for Carrying Short-Term Insurance Business in Namibia

Short-term insurance is an essential aspect of insurance in Namibia, providing coverage for a range of risks. The Short-term Insurance Act (No. 4 of 1998) and the Short-term Insurance Regulation of 1998 govern the insurance industry in Namibia.

Here are some of the requirements that insurance agents should follow to operate successfully in the industry.

Payment of Annual Levies

Every short-term insurance agent is required to pay an annual levy of N$1000.00 to the Registrar. The Government Notice 78/2003 (Government Gazette 2947) contains more information about this levy.

Levy Exemption

Short-term insurance agents can apply for an exemption from the annual levy. The Government Notice 78/2003 (Government Gazette 2947) provides more information about this exemption, and the NAMFISA application form for the levy exemption is available at the Authority.

Submission of Annual Returns

Every short-term insurance agent must keep proper accounts of their financial information and submit annual returns to the Registrar within six months after the end of the financial year. The Registrar may require additional information from agents.

Remuneration

Insurance agents are entitled to a commission on policies sold. In Namibia, the commission percentages are as follows:

  • Vehicle insurance policy: 10%
  • Other insurance policies: 15% No other monetary consideration related to short-term insurance should be paid or accepted by insurance agents.

Cancellation of Registration

Insurance agents can voluntarily apply for the cancellation of their registration with the Registrar. In cases of non-compliance, the Registrar may cancel the registration. The Registrar will place a public notice in local newspapers, informing the public about the agent’s intention to terminate their insurance business activities at least 30 days before the cancellation effective date.

Change of Contact Details

Insurance agents must inform the Registrar in writing of any change in their contact details such as physical and postal addresses, email addresses, telephone, mobile, and facsimile numbers.

Change of Registered Name

Insurance agents can apply for a change of their registered name with the Registrar in accordance with section 18 of the Short-term Insurance Act (No. 4 of 1998).

Movement of Insurance Agents

Insurance agents must inform the Registrar immediately of any movement from one insurer to another or upon an agent exiting the industry.

Conclusion Following the requirements outlined by the Short-term Insurance Act (No. 4 of 1998) and the Short-term Insurance Regulation of 1998 is essential for operating successfully in the short-term insurance business in Namibia. By complying with these regulations, insurance agents can build a reliable reputation in the industry and provide their clients with high-quality services.

If you have more questions, look through our blog for answers!