Regulation 15 of the Long Term Insurance Act is expected to come under review according to Deputy Minister of Finance Hon. Natangwe Ithete who spoke at an Investment Summit held this week in the capital. Ithete made the comments while reading the keynote address at the opening of the summit.
According to the deputy, the revision of Regulation 15 of the Long Term Insurance Act is necessary to gear more development capital home following the success by enforcing Regulation 28 of the Pension Fund Act. The two regulations are almost similar to the word and have been in force shortly after Independence.
“A revision of Regulation 15 is underway. 35% of the total long-term money will be invested locally. Government expects compliance. This move is viewed as critical. Local investments should contribute to local development” the deputy said without furnishing detail.
Another issue Ithete touched on was the transformation of ownership of insurance entities to the hands of Namibians. “Over the next five years, we expect increased ownership of [insurance] entities. This is of paramount importance,” said Ithete.