PART III OBJECTS AND POWERS, DUTIES AND FUNCTIONS OF CORPORATION 20. Objects of Corporation 21. Powers of Corporation 22. Duties and functions of Corporation PART IV FINANCIAL PROVISIONS RELATING TO CORPORATION 23. Authorized share capital and allotment and issue of shares 24. Prohibition of certain transactions in respect of shares 25. and credit facilities to Corporation 26. Funds of Corporation 27. Investment of funds 28. General reserve fund and other special reserve funds 29. Staff welfare fund 30. Distribution of balance of net profits 31. Financial year of Corporation 32. Technical and financial plan of Corporation 33. Bookkeeping and accounts of Corporation 34. Appointment of auditor 35. Functions, powers and duties of auditor 36. Annual report of Corporation 37. Preservation of secrecy PART V PROVISIONS GOVERNING COMPULSORY REINSURANCE TO CORPORATION 38. Application of Part V 39. Compulsory reinsurance to Corporation of insurance business by registered insurers and reinsurers 40. Pre-emptive right of Corporation in respect of reinsurance business 41. Corporation may call for information 42. Offences and penalties 43. Commission payable by Corporation PART VI GENERAL PROVISIONS 44. Limitation of liability 45. Payment of certain duties, levies and other fees 46. Staff rules and administrative directives [The heading of this section in the text of the Act is “Staff rules and administrative directives by Board”.] 47. Regulations 48. Memorandum of association and articles of association of Corporation 49. Liquidation of Corporation 50. Short title and commencement BE IT ENACTED by the Parliament of the Republic of Namibia, as follows:- PART I INTRODUCTORY PROVISIONS
“insurance business” means insurance business referred to in subsection (2); “insurance contract” means a short-term insurance contract or a long-term insurance contract, as the case may be, which constitutes any class of insurance business; “Long-term Insurance Act” means the Long-term Insurance Act, 1998 (Act No. 5 of 1998), and includes the regulations made thereunder; “long-term insurance business” means long-term insurance business as defined in section 1(1) of the Long-term Insurance Act; “majority”, in relation to private shareholders, means a majority of votes of the private shareholders personally present or represented by proxy at a general meeting of shareholders, voting in accordance with the articles of association of the Corporation; “Managing Director” means the Managing Director of the Corporation appointed in terms of section 18(1); “Minister” the Minister of Finance; “policy” means any insurance contract, irrespective of the form in which the rights and obligations of the parties thereto are expressed or created, and includes a guarantee policy; “premium” means the consideration given or to be given in return for an undertaking to provide policy benefits, and includes a deposit premium; “prescribed” means prescribed by regulation; “private shareholder” means a shareholder of the Corporation other than the State; “registered insurer” means a person registered as an insurer in terms of - (a) section 16(3) of the Short-term Insurance Act to carry on short-term insurance business; or (b) section 16(3) of the Long-term Insurance Act to carry on long-term insurance business, as the case may be; “registered reinsurer” means a person registered as a reinsurer in terms of - (a) section 16(3) of the Short-term Insurance Act to carry on short-term insurance business; or (b) section 16(3) of the Long-term Insurance Act to on long-term insurance business, as the case may be; “reinsurance business” means the business of insuring any registered insurer or registered reinsurer or any foreign insurer or foreign reinsurer in respect of any such insurer’s or reinsurer’s contractual obligations under any policy or reinsurance contract;