NAMFISA and the FIM Act 2021 — in force 1 May 2026

Short answerChecked 31 October 2026

NAMFISA, the Namibia Financial Institutions Supervisory Authority, registers and supervises Namibia's non-bank financial institutions, including insurers, medical aid funds, agents and brokers. Since 1 May 2026 it applies the Financial Institutions and Markets Act 2 of 2021 (FIMA), which repealed the Short-term Insurance Act 4 of 1998 and the Long-term Insurance Act 5 of 1998. The non-bank financial sector it supervises held N$474.1 billion of assets at the end of 2024.

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The FIM Act: what changed on 1 May 2026
The sector NAMFISA supervises (31 December 2024)
Contact NAMFISA
FAQ
Sources

The FIM Act: what changed on 1 May 2026

NAMFISA: "the Financial Institutions and Markets Act, 2021 (Act No. 2 of 2021) (FIMA), came into operation on 1 May 2026" (public notice). The commencement notice is GN 147/2026 (Government Gazette 8901), with five exceptions, including the definition of "Adjudicator" (Legal Assistance Centre).
FIMA repeals the Short-term Insurance Act 4 of 1998 and the Long-term Insurance Act 5 of 1998 (Schedule 2). For three years NAMFISA can still act on breaches of the old Acts committed before the change.
Intermediaries already registered are deemed registered but must re-apply within 12 months (NAMFISA broker guideline).

The sector NAMFISA supervises (31 December 2024)

Industry	Entities	Total assets
Long-term insurance	14 insurers, 11,565 intermediaries	N$83,837 million
Short-term insurance	14 insurers, 3,137 intermediaries	N$9,121 million
Medical aid funds	8 active funds	N$2,796 million
Reinsurers (long- and short-term)	2 registrations	—
All non-bank financial institutions		N$474,084 million

Source: NAMFISA Annual Report 2025, tables 1 and 2.

Contact NAMFISA

Complaints Department: 061 290 5134, complaintsdept@namfisa.com.na; switchboard 061 290 5000; toll-free 0800 290 500; 51–55 Werner List Street, Gutenberg Plaza, Windhoek (NAMFISA). How to complain: complaints.

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Frequently asked questions

Is the FIM Act in force in Namibia?

Yes. NAMFISA states that the Financial Institutions and Markets Act 2 of 2021 came into operation on 1 May 2026, except a few provisions such as the definition of the Adjudicator.

Is the Short-term Insurance Act still in force?

No. The Short-term Insurance Act 4 of 1998 and the Long-term Insurance Act 5 of 1998 were repealed by FIMA from 1 May 2026; NAMFISA can still act for three years on breaches committed before.

What does NAMFISA regulate?

Non-bank financial institutions, including insurers, medical aid funds, insurance agents and brokers (Financial Institutions and Markets Act 2 of 2021).