Committees
NaSIA GOVERANCE COMMITTEES
Technical Standing Committee
Legal & Technical Committee
The Committee is responsible for legal, regulatory, compliance, and related activities. It is also responsible for regulation of matters that is ancillary to financial services and firms, including competition or anti-trust, insolvency, company formation and operation, capital flow regulation, and anti-money laundering and combatting of terrorist and proliferation financing. The Committee has an independent role with accountability to the Board. The Committee does not assume the functions of management, which remain the responsibility of the executive directors, officers and other members of senior management.
Key Focus Areas:
- Provide advice on different legal issues and assist in obtaining legal opinions, memoranda, and other legal documents.
- Be actively involved in interpreting and providing input to influence different sub-ordinate policies, legislation and regulations for the benefit of the industry.
- Make legal submissions and obtain authoritative legal opinions.
- Draft guidelines for formalities regarding the settlement of disputes; and
- Monitor the implementation of the legislation when and how they are amended.
- Review existing legal documents of the Association and ensure that all documents are and remain legally sound.
- Ensure compliance with applicable legislation, inter alia Competition laws, anti-money laundering and counter terrorism and proliferation laws, directives and guidelines of regulators such as NAMFISA and the FIC
Investment, Policy Advisory and Research Committee
The Committee is responsible for providing strategic oversight, technical input, and advisory support on matters relating to investment practices, financial markets, economic and policy research.
The Committee serves in a technical and advisory capacity to NaSIA and supports a coordinated approach to market development, evidence-based research, and policy advocacy. Its work aims to strengthen the long-term sustainability, resilience, and competitiveness of Namibia’s savings and investment landscape.
Key Focus Areas:
- Oversight of financial instruments, investment mandates, benchmarks, and valuation practices.
- Monitoring, assessing, and responding to legislative, regulatory, and policy developments relevant to the investment and savings industry.
- Providing strategic guidance on capital market development and systemic risks.
- Initiating, conducting, and reviewing research to inform policy positions and industry advocacy.
- Developing and submitting proposals, position papers, and technical inputs to proactively engage policymakers, regulators, and other stakeholders on issues impacting long-term industry growth.
- Supporting NaSIA’s role as a trusted advisor to government and regulators on investment, policy, and market development matters.
Insurance Committee
The Committee is responsible for all matters specific to the long-term insurance industry, where members can interact to promote and protect their interests and the interest of current and future stakeholders of the long-term insurance industry in Namibia.
Key Focus Areas:
- Assessing and responding to market developments i.e. identify and assess trends and developments both in the global economy as well as in the broader financial sector that could present challenges, opportunities, or risks to the sector.
- Stakeholder communication/advocacy on long term insurance.
- Proactively be a key stakeholder in all regulatory issues that pertain to the long-term insurance industry and communicate, assist and guide government, the regulator and insurance sector in trying to achieve industry success for all stakeholders.
- Assist the Board of NaSIA to fulfil their duties.
Tranformation, Skills Development and Education Committee
The Committee is responsible for ensuring that high quality learning solutions are created, evolved and delivered to meet the practical learning and development needs of NaSIA member organisations. The committee aims to ensure that the industry’s skills base allows NaSIA members to compete as professionals with the best in the world; and aims to ensure the transformation of the industry in line with policy national empowerment legislation.
Key Focus Areas:
- Review and implementation of key pillars from the Namibian Financial Sector Charter (“FSC”) that supports transformation, skills development and training goals within the current framework of national empowerment initiatives.
- Promotion of skills development, entrepreneurship and corporate social responsibility.
- Development of NaSIA Academy for on-the-job training and mentorship programs.
Market Conduct Committee
The Committee is responsible for ensuring that NaSIA members looks at aspects such a Treating Customers Fairly, engagement with NAMFISA for legislation of effective standards and oversight, including consultation and collating of comments on new draft legislation relating to market conduct; access to financial services for all; investigate current issues and future trends in marketing and the distribution of financial services.
Key Focus Areas:
- Maintaining a pro-active focus on current issues and future trends in marketing and distribution within our industry and abroad.
- Distribution capacity, including intermediary remuneration, and how it impacts on all distribution models.
- Product disclosures and standards across the product spectrum that NaSIA members market to consumers.
- Manage risks and decisions i.e. conduct risk that can result in decisions and behaviors that lead to detrimental or poor outcomes for customers as well as work on maintaining high standards of market behaviour and integrity.
