News Africa24 Feb 2020

Namibia:Regulator to require insurance intermediaries to take qualifying exam

24 Feb 2020

The Namibia Financial Institutions Supervisory Authority (Namfisa) and the Namibia Training Authority (NTA) have been carrying out a project which requires insurance intermediaries to undertake a compulsory market entry examination.

The examination is aimed at improving public confidence in financial services intermediation and enhancing the level of professionalism of the financial services industry, reported New Era Live.

In the first phase of the project, consultations with industry stakeholders led to a national vocational certificate in financial services—insurance intermediary, developed by the NTA. This qualification was registered on the National Qualifications Framework in June 2019.

The second phase is expected to be completed by November 2020 and is expected to include a focus on the finalisation of syllabi and assessment and certification arrangements.

Namfisa has stated that it intends to endorse and enforce the examination as a pre-requisite for the licensing and registration of all insurance intermediaries, namely agents and brokers. Therefore, every insurance intermediary will be required to produce proof of entry regulatory examination competence prior to consideration for licensing and registration.

Insurance intermediaries currently registered by Namfisa will be expected to obtain this qualification in line with a comprehensive rollout programme that will be communicated to the insurance market in due course.

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