(d) the returns and information to be supplied by insurance agents, insurance brokers and reinsurance brokers to persons on whose behalf such insurance agents, insurance brokers and reinsurance brokers have placed short-term insurance business with registered insurers and reinsurers; (e) the regulation and control of methods of obtaining or negotiating short-term insurance business; (f) the prohibition of certain classes of differentiation, the giving of inducements or the granting of credit for premiums in respect of policies; (g) the classes of business which shall be deemed not to be short-term insurance business for the purposes of this Act; (h) the manner in which any amount, security or bank guarantee deposited with the Treasury is to be dealt with, including the payment of interest accrued to such deposit; (i) the carrying on of short-term insurance business by Lloyd’s intermediaries; (j) limiting the amount which and the extent to which a registered insurer and reinsurer may invest - (i) outside Namibia; (ii) in a particular or in particular kinds or categories of assets whether in Namibia or elsewhere, prescribing the basis on which the limit shall be determined and defining the kinds or categories of assets to which the limit applies; (k) any matter which in terms of this Act is required or permitted to be prescribed; and (l) generally, any matter in respect of which the Minister considers it necessary or expedient to make regulations in order to achieve the objects of this Act. (2) A regulation made under subsection (1) may prescribe a penalty, not exceeding that prescribed by sections 68 and 69, for any contravention of or failure to comply with any provision thereof. Repeal of laws, and saving 72. (1) Subject to the provisions of subsection (2), the laws mentioned in Schedule 3 are hereby repealed to the extent indicated in the third column thereof. (2) Any policy relating to insurance business issued and any other thing done under a provision of any law repealed by subsection (1), and which could have been issued or done under a provision of this Act, shall be deemed to have been issued or done under the corresponding provision of this Act. Interpretation of certain expressions 73. Subject to the provisions of this Act, a reference in any law in force immediately before the commencement of this Act to -
(d) the returns and information to be supplied by insurance agents, insurance brokers and reinsurance brokers to persons on whose behalf such insurance agents, insurance brokers and reinsurance brokers have placed short-term insurance business with registered insurers and reinsurers; (e) the regulation and control of methods of obtaining or negotiating short-term insurance business; (f) the prohibition of certain classes of differentiation, the giving of inducements or the granting of credit for premiums in respect of policies; (g) the classes of business which shall be deemed not to be short-term insurance business for the purposes of this Act; (h) the manner in which any amount, security or bank guarantee deposited with the Treasury is to be dealt with, including the payment of interest accrued to such deposit; (i) the carrying on of short-term insurance business by Lloyd’s intermediaries; (j) limiting the amount which and the extent to which a registered insurer and reinsurer may invest - (i) outside Namibia; (ii) in a particular or in particular kinds or categories of assets whether in Namibia or elsewhere, prescribing the basis on which the limit shall be determined and defining the kinds or categories of assets to which the limit applies; (k) any matter which in terms of this Act is required or permitted to be prescribed; and (l) generally, any matter in respect of which the Minister considers it necessary or expedient to make regulations in order to achieve the objects of this Act. (2) A regulation made under subsection (1) may prescribe a penalty, not exceeding that prescribed by sections 68 and 69, for any contravention of or failure to comply with any provision thereof. Repeal of laws, and saving 72. (1) Subject to the provisions of subsection (2), the laws mentioned in Schedule 3 are hereby repealed to the extent indicated in the third column thereof. (2) Any policy relating to insurance business issued and any other thing done under a provision of any law repealed by subsection (1), and which could have been issued or done under a provision of this Act, shall be deemed to have been issued or done under the corresponding provision of this Act. Interpretation of certain expressions 73. Subject to the provisions of this Act, a reference in any law in force immediately before the commencement of this Act to -
Short-term%20Insurance%20Act%204%20of%201998.docx