As we wade through the quagmire washed ashore by the FIMA, every other day one comes across a provision the repercussions of which one never realised.
When the FIMA becomes effective, envisaged as 1 October 2022, all regulated entities will enter a 12 month transition period. In this transition period, all funds must register, adapt their rules, and ensure that they comply with FIMA.
Section 5 of the FIMA (in the Insurance Chapter) deals with the prohibition to carry on insurance or reinsurance business unless registered. Sub-section 5(b)(iii) reads as follows...
Managed by Namibians. Trusted by Namibians.
Efficient. Trusted. Namibian.