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A bill aiming at simplifying the content of insurance policies has been submitted to the Namibian parliament by the Finance Minister. The project requires, among other things, that contracts, insurance certificates and all other relevant documents be written in plain and simple language.
It also aims to minimize the conflicts between policyholders and insurers, disputes usually resulting from a misunderstanding of the terms and conditions of the contract to underwrite. According to Namibia Financial Institutions Supervisory Authority, nearly 410 complaints were filed in 2017 due to this misunderstanding.
The bill includes 10 acts, two of which relate to the regulation of life and non-life insurance contracts.
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