The Namibia Financial Institutions Supervisory Authority (Namfisa) and the Namibia Training Authority (NTA) have embarked on a project through which insurance intermediaries (agents and brokers) rendering financial services to the public (policyholder/potential policyholder) will soon be subjected to a compulsory market entry examination. The examination is aimed at improving public confidence in financial services intermediation and enhancing the level of professionalism of the financial services industry.
In the first phase of the project, consultations with industry stakeholders led to a qualification (National Vocational Certificate in Financial Services – Insurance Intermediary – Level 4) developed by the NTA. This qualification was registered on the National Qualifications Framework in June 2019. The second phase is expected to be completed by November 2020 and is expected to include a focus on the finalisation of syllabi and assessment and certification arrangements.
Namfisa has stated that it intends to endorse and enforce the examination for all insurance intermediaries as a pre-requisite for licensing and registration. Therefore, every insurance intermediary will be required to produce proof of entry regulatory examination competence prior to consideration for licensing and registration.
Insurance intermediaries currently registered by Namfisa will be expected to obtain this qualification in line with a comprehensive rollout programme that will be communicated to the insurance market in due course.