Vital statistics:

Local name for the service:

Contractual Cell Company

Date cell captive legislation was passed:

1998

Total number of cell companies:

Not disclosed

Total number of individual active cells:

Not disclosed

Capitalisation requirements:

N$4m (Namibian Dollars) or 15% of annual net written premium for short-term insurance.

Licensing Fees:

Registration fee: between N$200 and N$500 depending on the line of insurance taken. A levy of 1% of gross written premium is paid to the regulator.

Tax regime for cell companies/cells:

Contractual cell companies are taxed at the rate applicable to traditional insurers. The basis of taxation in Namibia is that only income derived, or deemed to be derived, from sources within Namibia is subject to tax. The legislation contains a number of exceptions to the source rule, which deem non-Namibian source income to be from a Namibian source and thus make it taxable in Namibia. Namibia has tax treaties in force with a number of countries as well as some in various stages of negotiation or ratification.

Regulatory contact details:

Namibia Financial Institutions’ Supervisory Authority, 154 Independence Avenue, Sanlam Centre, 8th Floor, Windhoek, Namibia Tel: + 264 61 290 5000 Fax: + 264 61 290 5194

PCCs in Namibia:

View manager contact details