[The definition of Enterprises Governance Act”, which appears below, “Public should appear here for correct alphabetical order.] of Companies” the Registrar of Companies as defined in section 1 of the “Registrar Companies Act; of Insurance” means the Registrar of Short-term Insurance as defined in “Registrar section 1(1) of the Short-term Insurance Act; Insurance Act” means the Short-term Insurance Act, 1998 (Act No. 4 of 1998); “Short-term insurance industry” means - “short-term (a) a registered insurer as defined in section 1(1) of the Insurance Act; and (b) a person appointed in Namibia by the Council of Lloyds in terms of section 36(1) of that Act as being authorised to act on behalf of the Council and on behalf of underwriters at Lloyds; means - “special (a) loss in respect of a mortgage loan; and (b) loss of or damage to property, including consequential loss resulting from such loss or damage, to the extent determined by the Board with the written approval by the Minister; and Enterprises Governance Act” the Public Enterprises Governance Act, 2006 (Act “Public No. 2 of 2006). [This definition is not in the correct alphabetical order. It should appear after the definition of “net liabilities”. This Act was previously known as the Enterprises Governance Act”, “State-owned which may account for the error.] (2) The Minister may, by notice in the and after consultation with the Board, Gazette declare any activity to be a special risk for the purposes of this Act. Object of Act 2. The object of this Act is to - (a) convert the Association into a public company having a share capital, with shares held by the State; (b) determine the nature and ambit of the special risks that the Company may underwrite; and (c) determine the role of the State in the short-term insurance industry as regards special risks and to reduce the reinsurance risk exposure of the State. PART 2 ESTABLISHMENT OF COMPANY Conversion of the Company
[The definition of “Public Enterprises Governance Act”, which appears below, should appear here for correct alphabetical order.] “Registrar of Companies” the Registrar of Companies as defined in section 1 of the Companies Act; “Registrar of Insurance” means the Registrar of Short-term Insurance as defined in section 1(1) of the Short-term Insurance Act; “Short-term Insurance Act” means the Short-term Insurance Act, 1998 (Act No. 4 of 1998); “short-term insurance industry” means - (a) a registered insurer as defined in section 1(1) of the Insurance Act; and (b) a person appointed in Namibia by the Council of Lloyds in terms of section 36(1) of that Act as being authorised to act on behalf of the Council and on behalf of underwriters at Lloyds; “special means - (a) loss in respect of a mortgage loan; and (b) loss of or damage to property, including consequential loss resulting from such loss or damage, to the extent determined by the Board with the written approval by the Minister; and “Public Enterprises Governance Act” the Public Enterprises Governance Act, 2006 (Act No. 2 of 2006). [This definition is not in the correct alphabetical order. It should appear after the definition of “net liabilities”. This Act was previously known as the “State-owned Enterprises Governance Act”, which may account for the error.] (2) The Minister may, by notice in the Gazette and after consultation with the Board, declare any activity to be a special risk for the purposes of this Act. Object of Act 2. The object of this Act is to - (a) convert the Association into a public company having a share capital, with shares held by the State; (b) determine the nature and ambit of the special risks that the Company may underwrite; and (c) determine the role of the State in the short-term insurance industry as regards special risks and to reduce the reinsurance risk exposure of the State. PART 2 ESTABLISHMENT OF COMPANY Conversion of the Company
Namibia%20Special%20Risks%20Insurance%20Association%20Act%205%20of%202017.docx