CARMEL RICKARD: Insurance industry in conflict
The reinsurance sector in Namibia seems to be in legal limbo, with the minister of finance and insurance companies at loggerheads
Namibia’s fledgling national reinsurance industry, much criticised by major insurance companies operating in that country, is in the spotlight after an urgent application was brought by the minister of finance to force companies to comply with new legislation. The application, made in August, was turned down last week by the high court in Windhoek. Key provisions of the national reinsurance law, contested by insurance companies, were also put on hold pending the outcome of other litigation between the parties. The minister’s urgent application was aimed at Hollard Insurance, Hollard Life, Sanlam, Santam, Old Mutual, Trustco and Outsurance, as well as their CEOs. He asked the court to declare controversial new provisions fully effective, despite pending litigation from the insurance companies, and that the companies be obliged to comply immediately. Obviously on the warpath, the minister also asked that if the companies did not comply, the court should authorise him to apply for the ...
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