1. NAMIBIA INTERNATIONAL INVESTMENT CONFERENCE DEVELOPING THE NON-BANKING SECTOR IN NAMIBIA: ”NAMFISA’S ROLE”. Presenter: Mr. R. Ritter 31 October 2007 Safari Motel

2. Agenda 1. Introduction 2. The role of the regulator 3. Live Insurance 3. Short Term Insurance 5. Capital market 6. Pension assets 7. Why invest?

3. Introduction NAMFISA NAMFISA revisited its Vision and Mission after the FSAP report by the IMF and World Bank in 2006. The Vision of NAMFISA – To become by 2010, a high- performance, internationally respected regulator of the non-banking financial sector that creates a stable, safe and viable financial system that contributes to the economic development of Namibia. Namibia is a member of IAIS and IOPS. In the beginning of 2007 NAMFISA applied for membership of IOSCO. We adhere to international recognized principles.

4. The role of the regulator 1. To move towards international norms and principles. 2. Our objective as a regulator is to be fair and objective and promote efficient, safe and stable financial markets. 3. Have effective legislation in place. 4. Financial Institution must adopt a risk-based approach. 5. Strike a healthy balance between regulation and over-regulation. 6. Good dialogue between the industry and the regulator.

5. Life Insurance shows a healthy growth

6. Short term insurance coming out of the doldrums

7. Capital Market

8. Pension assets- domestic asset requirements

9. Why invest in the non- banking financial sector? Government’s policy of domestic asset requirements and the size of assets creates opportunities. Move towards international excepted principles in supervision and regulation. Good profits in the life and asset management industry. New business models and the low income segments of the markets are still untapped.