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.