Compulsory exams for insurance brokers, agents

21 February 2020 | Business

Jo-Maré Duddy - The Namibia Financial Institutions Supervisory Authority (Namfisa) will soon subject insurance brokers and agents to a compulsory market entry examination before they are able to render services to the public.

According to Namfisa’s latest quarterly report, 875 long-term insurance brokers and 5 519 long-term insurance agents were registered with the watchdog at the end of June 2019.

In addition, 568 short-term insurance brokers and 1 070 short-term insurance agents were also registered with Namfisa.

A joint media statement this week by Namfisa and the Namibia Training Authority (NTA) said the examination is aimed at improving public confidence in financial services intermediation and enhancing the level of professionalism in the financial services industry.

The report stated that 82 consumer complaints regarding long-term insurance were received in the second quarter of last year, the majority of which regarded the non-cancellation of insurance policies and unacceptable service.

A total of 47 consumers lodged short-term insurance complaints with Namfisa during the three months under review, most of them disputes.

Comprehensive programme

Namfisa and the NTA’s initiative is currently in its second phase, focusing on the finalisation of syllabi and assessment, and certification arrangements are expected to be completed by November this year.

The first phase of the project focused on consultations with industry stakeholders and led to a qualification developed by the NTA and registered on the National Qualifications Framework in June 2019.

Namfisa intends to indorse and enforce the examination for all insurance intermediaries as a pre-requisite for licensing and registration, the statement said.

Further, every insurance intermediary will be required to produce proof of entry regulatory examination competence before consideration for licensing and registration.

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

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