Namibia: Namfisa, Training Authority to Introduce Compulsory Market Entry Training for Insurance Agents, Brokers

At some point in the future, prospective insurance brokers and agents will only be able to enter the professional market upon successful completion of an examination, according to an announcement made this week.

This comes after the Namibia Financial Institutions Supervisory Authority (Namfisa) and the Namibia Training Authority signed an agreement that will subject insurance agents and brokers to a compulsory market entry examination.

According to the announcement, Namfisa intends to endorse and enforce the examination for all insurance intermediaries as a pre-requisite for licensing and registration.

This move will require insurance agents and brokers to produce proof of entry regulatory examination competence prior to consideration for licensing and registration. Insurance agents and brokers 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.

Namfisa said the examination is aimed at improving public confidence in financial services intermediation and enhancing the level of professionalism of the financial services industry.

By November, a project focusing amongst others, on the finalisation of syllabi and assessment and certification arrangements, is expected to be completed.

See What Everyone is Watching

More From: Namibia Economist

Don't Miss

AllAfrica publishes around 800 reports a day from more than 140 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.