business” insurance business referred to in subsection (2); “insurance contract” means a short-term insurance contract or a long-term insurance contract, as “insurance the case may be, which constitutes any class of insurance business; Insurance Act” means the Long-term Insurance Act, 1998 (Act No. 5 of 1998), and “Long-term includes the regulations made thereunder; insurance business” means long-term insurance business as defined in section 1(1) “long-term of the Long-term Insurance Act; in relation to private shareholders, means a majority of votes of the private “majority”, shareholders personally present or represented by proxy at a general meeting of shareholders, voting in accordance with the articles of association of the Corporation; Director” means the Managing Director of the Corporation appointed in terms of “Managing section 18(1); means the Minister of Finance; “Minister” means any insurance contract, irrespective of the form in which the rights and “policy” obligations of the parties thereto are expressed or created, and includes a guarantee policy; means the consideration given or to be given in return for an undertaking to provide “premium” policy benefits, and includes a deposit premium; means prescribed by regulation; “prescribed” shareholder” means a shareholder of the Corporation other than the State; “private insurer” means a person registered as an insurer in terms of - “registered (a) section 16(3) of the Insurance Act to carry on short-term insurance business; or (b) section 16(3) of the Long-term Insurance Act to carry on long-term insurance business, as the case may be; reinsurer” means a person registered as a reinsurer in terms of - “registered (a) section 16(3) of the Short-term Insurance Act to carry on short-term insurance business; or (b) section 16(3) of the Long-term Insurance Act to carry on long-term insurance business, as the case may be; business” means the business of insuring any registered insurer or registered “reinsurance reinsurer or any foreign insurer or foreign reinsurer in respect of any such insurer’s or reinsurer’s contractual obligations under any policy or reinsurance contract;
“insurance business” insurance business referred to in subsection (2); “insurance contract” means a short-term insurance contract or a long-term insurance contract, as the case may be, which constitutes any class of insurance business; “Long-term Insurance Act” means the Long-term Insurance Act, 1998 (Act No. 5 of 1998), and includes the regulations made thereunder; “long-term insurance business” means long-term insurance business as defined in section 1(1) of the Long-term Insurance Act; “majority”, in relation to private shareholders, means a majority of votes of the private shareholders personally present or represented by proxy at a general meeting of shareholders, voting in accordance with the articles of association of the Corporation; “Managing Director” means the Managing Director of the Corporation appointed in terms of section 18(1); “Minister” means the Minister of Finance; “policy” means any insurance contract, irrespective of the form in which the rights and obligations of the parties thereto are expressed or created, and includes a guarantee policy; “premium” means the consideration given or to be given in return for an undertaking to provide policy benefits, and includes a deposit premium; “prescribed” means prescribed by regulation; “private shareholder” means a shareholder of the Corporation other than the State; “registered insurer” means a person registered as an insurer in terms of - (a) section 16(3) of the Insurance Act to carry on short-term insurance business; or (b) section 16(3) of the Long-term Insurance Act to carry on long-term insurance business, as the case may be; “registered reinsurer” means a person registered as a reinsurer in terms of - (a) section 16(3) of the Short-term Insurance Act to carry on short-term insurance business; or (b) section 16(3) of the Long-term Insurance Act to carry on long-term insurance business, as the case may be; “reinsurance business” means the business of insuring any registered insurer or registered reinsurer or any foreign insurer or foreign reinsurer in respect of any such insurer’s or reinsurer’s contractual obligations under any policy or reinsurance contract;
Namibia%20National%20Reinsurance%20Corporation%20Act%2022%20of%201998.docx