Insurers required to fork over 18% of income, 20% of overseas reinsurance payments

Calle Schlettwein, finance minister of Namibia, has said that he would go ahead with the demand requiring insurers to give the government 18% of their local monthly income and 20% of whatever amount is paid to reinsurers based outside the country, The Namibian reported. In addition, every claim made by clients against insurers needs to be first approved by the Namibia National Reinsurance Corp. before any payout is made, Mr. Schlettwein said.

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