NAMIBRE TAKES EIGHT INSURANCE COMPANIES TO COURT – RiskAfrica

State – Owned Namibia National Reinsurance Corporation is taking on Insurers that refused to comply with the Namibia Reinsurance Act and Regulation Promulgated in December 2017.

The Law compels Insurance companies to do business with NamibRe.

The companies being sued are Hollard Insurance Company of Namibia, Hollard Life Namibia, Sanlam Namibia, Old Mutual Life Assuarance Company of Namibia, Outsurance Insurance Company of Namibia, Trustco Insurance and Trustco Life. However, the eight indicted companies are praying the Court to declare three sections of the Namibia Reinsurance Act as unconstitutional.

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