Who regulates insurance here
You'll walk away knowing: The one name that matters before you trust anyone selling insurance.
The Namibia Financial Institutions Supervisory Authority (NAMFISA), established under Act No. 3 of 2001, regulates and supervises all financial institutions and services in Namibia, insurance included. As of 1 May 2026, insurers also operate under a new prudential framework set by the Financial Institutions and Markets Act (FIMA): a significant, recent shift in how capital adequacy and governance are assessed, not a legacy rulebook.
Two separate insurance regimes
You'll walk away knowing: Why insurance is not one licence.
Namibia separates Long-Term Insurance (life, funeral, retirement-linked products) from Short-Term Insurance (motor, property, liability and similar), each governed by its own Act (the Long-Term Insurance Act and the Short-Term Insurance Act, both 1998, now operating alongside FIMA). A broker or agent typically registers against the specific category they operate in, not a single blanket insurance licence.
Only registered intermediaries may operate. No exceptions.
You'll walk away knowing: Why this is a criminal matter, not just a compliance nicety.
Nobody may act as an insurance agent, broker, or reinsurance broker in Namibia unless registered with NAMFISA. This applies to anyone performing the duties, including clerks and salespeople, regardless of whether insurance is their core role or an occasional task. Transacting through an unregistered agent or broker is a criminal offence, with convictions carrying fines of up to N$150,000, up to 10 years' imprisonment, or both. The public can and should request proof of registration before transacting.
How agents and brokers are paid
You'll walk away knowing: The one rule that surprises most people outside the industry.
Registered agents and brokers must be remunerated exclusively by commission, in monetary form. Salary-based compensation for this role is not permitted, and neither are non-monetary perks (overseas trips, expensive gifts) on top of commission. This has applied since the 2014 directives and remains a live compliance point NAMFISA actively enforces.
Registering as a broker
You'll walk away knowing: The actual sequence, not just "apply to NAMFISA".
The process runs through NAMFISA's Online Electronic Regulatory System (ERS): create a profile, reserve the proposed entity name, then complete and submit the Application for Registration Form online, accompanied by the required supporting documents and the application fee. A submitted application shows as "pending approval" until processed. This is not instant.
Why this matters beyond the insurance industry itself
For Oryx specifically: any future Oryx product involving insurance-linked advice or distribution would fall under this exact regime. This course is not only for people entering insurance as a career; it is a boundary map for what any business can and cannot say about insurance without a NAMFISA registration.