As Lloyd's is licensed in Namibia, a Lloyd's underwriter can grant a binding authority permitting the writing of insurance and reinsurance to a coverholder located in Namibia.
Lloyd's Delegated Authorities Department must approve a coverholder prior to its appointment to bind business on behalf of Lloyd's underwriters. For further information, access the Lloyd's coverholder web pages.
An application for Lloyd's coverholder approval of an intermediary located in Namibia must show that the intermediary is registered by the Namibia Financial Institutions Supervisory Authority (NAMFISA). See 'Intermediary regulation' for further details.
A coverholder must continue to be a registered intermediary for as long as it is a coverholder. If its registration lapses or is withdrawn for any reason it must inform Lloyd's immediately, as well as its sponsor and the managing agent of the syndicate leading its binding authority. Termination of a coverholder's registered intermediary status is likely to lead to suspension or removal of the coverholder from the register of Lloyd's approved coverholders.
A Lloyd's coverholder in Namibia is required by the Short-term Insurance Act 1998 to obtain registration from NAMFISA as a Lloyd's intermediary. See 'Intermediary regulation' for further details.
If a Namibian coverholder accepts risks from other countries, the premiums for Namibian risks must be recorded separately on bordereaux submitted to Xchanging for signing.