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Disclaimer: Crystal is provided for information purposes; it does not constitute solicitation of business and is not intended to be a substitute for appropriate professional advice. Information relating to Lloyd’s Brussels Subsidiary may be subject to regulatory approval.

Namibia * Lloyd's
* Please see Authorisation for details of Lloyd's underwriters licensing status
Please see Authorisation for details of Lloyd's Brussels licensing status

Pre-placement considerations

Authorisation

Lloyd's

Insurance

Lloyd's underwriters are licensed to write insurance in or from Namibia, except for the following:

  • cover which should have or could have been covered by the National Special Risks Insurance Association (NASRIA) as per the Finance Act 1987. Please refine your search to include Class Specific Regulations for more information.
  • long-term policies”, including life and health insurance, as defined under the Long-Term Insurance Act 1998. Lloyd’s is not licensed under this Act.

Reinsurance

Lloyd's underwriters are permitted to write most  reinsurance in or from Namibia (see below), except cover which should have or could have been covered by the National Special Risks Insurance Association (NASRIA) as per the Finance Act 1987. Please refine your search to include Class Specific Regulations for more information.

  • An agreement is in place between the Government of Namibia, the Namibia National Reinsurance Corporation Limited (NamibRe) and the short-term insurance market, represented by the Namibia Insurance Association, whereby the short-term insurance market undertakes to offer 20% of all of their treaty reinsurance to NamibRe.
  • In addition, the short-term insurance market is required to offer to NamibRe any facultative reinsurance in the first instance.

 

Note: The terms and conditions of Lloyd's licence require that all Namibian insurance and reinsurance business must be conducted through an approved Namibian ‘Lloyd's Intermediary’ in accordance with Section 40 and Section 1 of the Short-Term Insurance Act 1998.

A ‘Lloyd’s Intermediary’, as defined in the Act, means a locally licensed Lloyd’s Open Market Correspondent (OMC) or Coverholder domiciled in Namibia. For a list of Namibian OMCs and Coverholders please refer to the Directories.

Last updated: 21 Dec 2016


Compulsory classes

Lloyd's
The following classes are compulsory in Namibia:
  • Professional indemnity insurance for insurance brokers.
  • Motor third party bodily injury (state scheme).
  • Workmen's compensation (state scheme).
  • Oil pollution by vessels in Namibian waters.
  • Clinical trials.
  • Passenger liability insurance in respect of businesses transporting tourists.
  • Public liability and professional indemnity insurance for tourism sector businesses.
Last updated: 21 Dec 2016

Financial considerations

Exchange controls

Lloyd's
Exchange controls and restrictions on transfers of premiums from Namibia to Lloyd's Underwriters are in place. Please see more details below for information on how this affects Lloyd’s.
Last updated: 12 Sep 2014


Distribution channels

Coverholder business

Lloyd's
Lloyd's requirements for a coverholder carrying on Namibian business on behalf of a Lloyd's managing agent.

Binding authority held by a Namibia based coverholder
Last updated: 29 Sep 2016

click for more detail More detail

Binding authority held by a coverholder based outside Namibia
Last updated: 12 Sep 2014

click for more detail More detail

Open market business

Lloyd's

Open Market Correspondents (OMCs) handling Namibian insurance business require Lloyd's approval. This requirement includes marine business.

Click here to access the OMC directory for Namibia

Click here to access further information regarding the OMC process and access to the application forms.

As part of the OMC application all intermediaries must sign an undertaking. The undertaking provides that the open market correspondent will respect local law and regulations, ensure premium taxes are paid and provide Lloyd’s general representative with documentation and information that is required for the fulfilment of Lloyd’s reporting requirements.

The general representative's office maintains a list of all intermediaries that have signed the undertaking, which must be available for consultation by the regulator/relevant authority.

The Short-term Insurance Act 1998 requires Namibian OMCs to be registered by the Namibian Financial Institutions Supervisory Authority as Lloyd's Intermediaries. See "Intermediary regulation" for further details.   

Last updated: 12 Sep 2014

Intermediary regulation

Lloyd's

The Short-Term Insurance Act 1998 (STIA 1998) s. 53 states that:

"No person shall, after the expiry of 90 days from the commencement of this Act, carry on the business of an insurance agent or of an insurance broker or of a reinsurance broker in Namibia unless such person is registered to carry on any such business."

Brokers and agents are registered by the Namibia Financial Institutions Supervisory Authority (NAMFISA), which maintains lists of registered brokers and agents.

Lloyd's Intermediaries

Further to this, any intermediary acting as an intermediary in respect of Lloyd’s must be registered as a ‘Lloyd’s Intermediary’ in terms of Section 40 of the STIA 1998. The Act defines a Lloyd's intermediary as:

"...a person who performs any act relating to the placing of short-term insurance business with, or the issue of policies or the collection of premiums in respect of such business for or on behalf of, a Lloyd's broker or an underwriter at Lloyd's." (STIA 1998 s.1).

Registration is therefore required by any Lloyd's coverholder or open market correspondent located in Namibia.
Registration is the responsibility of NAMFISA. Applications for registration must be accompanied by written proof that the applicant has been permitted by Lloyd's to act in this capacity and a document signed by or on behalf of a Lloyd's broker or underwriter, containing the terms and conditions on which the applicant is authorised to act as a Lloyd's intermediary.

The registration requirements and duties of Lloyd's intermediaries are set out in sections 40-47 of Part V of the STIA 1998.

Restrictions on Commission Payments

Regulations under the Short-term Insurance Act 1998 stipulate that no commission paid to a Namibian intermediary may exceed 12.5% of the premiums payable under the policy in respect of a motor policy or, in the case of any other short-term policy, 20% of the premiums payable under the policy.

Last updated: 21 Dec 2016

Insurance documentation

Insurance documents

Lloyd's

Contract certainty applies to general insurance contracts either entered into by a UK regulated insurer (such as Lloyd’s underwriters) or arranged through a UK regulated broker (such as Lloyd’s brokers based in the UK).

Lloyd's has developed Quality Assurance (QA) checks to help the market comply with this requirement.

Further information on contract certainty can be found on the Market Reform website.

Last updated: 13 Feb 2019


Language of contract

Lloyd's
English and/or Afrikaans.
Last updated: 12 Sep 2014

Choice of law

Lloyd's
To meet contract certainty requirements, the contract should contain a choice of law clause. Whilst it is not mandatory, it is preferred that all Namibian insurance documentation is subject to Namibian law.
Last updated: 12 Sep 2014

Jurisdiction

Lloyd's
The contract should include a clause recording the jurisdiction that will apply to the contract.

Whilst it is not mandatory, it is preferred that all Namibian insurance documentation is subject to Namibian jurisdiction.
Last updated: 12 Sep 2014

Service of suit

Lloyd's

Lloyd's General Representative in Namibia can be nominated for service of suit.

However, this is not compulsory and other Namibian individuals or entities can be named if required. 

Lloyd's General Representative in South Africa can not be nominated. 
Last updated: 12 Sep 2014

Representative(s)

Representative(s)

Lloyd's

Mr Peter Grüttemeyer
Lloyd's General Representative in Namibia
c/o Ohlthaver & List Trust Company (Pty) Ltd
Carl List House
No. 27 Fidel Castro Street
PO Box 16
Windhoek
Namibia

Tel: + 264 61 207 5236
Switchboard: +264 61 207 5111
Fax: + 264 61 234 021
E-mail: peter.gruttemeyer@olfitra.com.na

Mr Anton Roostee
Lloyd's Deputy Representative in Namibia
Carl List House
No. 27 Fidel Castro Street
PO Box 22682
Windhoek
Namibia

Tel: +264 61 220318
Mobile: +264 81 257 7777
Fax: +264 (61) 255599
E-mail: Anton.roostee@lloyds.com

Further information on Namibia.

Last updated: 24 Nov 2017