NAMFISA, Namibia Goes Live with Vizor Software
The Namibia Financial Institutions Supervisory Authority (NAMFISA) went live this month with Vizor Software, 3 months following project initiation in July 2010.
NAMFISA Electronic Regulation System (ERS) version 1.0, which is based on Vizor Software, has gone live to long term insurance (LTI) industry participants within Namibia. Industry orientation sessions, presented jointly by Vizor and NAMFISA, were held in Windhoek on 20th and 21st October 2010.
LTI industry participants will use Vizor Software to perform the following activities online:
- Application for registration of long-term Insurer or Broker
- Application for LTI agent licenses
- Reporting of quarterly and annual financial returns
- Corporate notification of change to corporate structure (Add Director, Add Shareholder etc.)
- Annual renewal of professional indemnity insurance
- Ad-Hoc applications for foreign reinsurance dispensation
NAMFISA will use Vizor Software internally to:
- Schedule online data collection activities for the industry
- Review and approve all data submitted by the industry online
- Perform detailed analysis on data submitted by the industry online
- Publish selected reports back to the industry through the system (e.g. market aggregates)
- Schedule on-site inspections to be performed by NAMFISA staff
- Take a risk-based approach to supervision, with automated risk profiling of regulated entities
- Move away from reliance on paper, as all data collection and analysis now takes place within the NAMFISA ERS system
NAMFISA ERS version 2.0, which will automate annual reporting for the pension fund industry within Namibia, is scheduled for delivery in January 2011. NAMFISA staff will build the pension fund solution themselves using the Vizor Builder.