Foreign investment is non-life insurance is only allowed through the registration of a locally incorporated public company managed by a board of directors which the managing director and at least 50% of the other directors are Namibian citizens.
"1. Definitions
(1) In this Act, unless the context otherwise indicates -[...]
“director” means a person holding office as director or alternate director of a company incorporated in terms of the Companies Act;[...]
“public company” means a public company with a share capital incorporated in Namibia in terms of the Companies Act or any law repealed by that Act;[...]
“short-term insurance business” means any transaction in connection with the business of assuming the obligations of any insurer or reinsurer under any class of short-term insurance business specified in Schedule 1, and includes reinsurance business, but does not include - (a) the activities of an association of persons established for the purposes of rendering aid to its members or their dependents, commonly called a friendly society, and registered as such, or exempted from registration, in terms of the Friendly Societies Act, 1956 (Act 25 of 1956), and which does not at any time after the commencement of this Act employ a person whose main remunerated occupation consists of inducing persons to become members of the association or collecting from those members contributions or subscriptions towards the funds of the association; (b) any transaction connected with and subsidiary to any business other than insurance or reinsurance, which in the opinion of the Registrar is not short-term insurance business as ordinarily understood; (c) any such business as may be prescribed which shall be deemed not to be short-term insurance business for the purposes of this Act;
[...]
2. Unregistered person may not carry on insurance business
(1) No person shall, after the expiry of 90 days from the commencement of this Act, carry on shortterm insurance business in Namibia unless such person is registered to carry on such business.
(2) Notwithstanding the provisions of subsection (1), the Registrar may, if he or she is satisfied that no registered insurer or reinsurer can in any particular case provide short-term insurance cover at equitable terms, grant exemption to any foreign insurer or foreign reinsurer to issue a policy payable in Namibia in the currency of Namibia to provide such cover.
[...]
16. Requirements for registration of insurers and reinsurers, including capital and reserves
(1) No person shall be registered as an insurer or a reinsurer in respect of any class of short-term insurance business unless such person -
(a) is a public company managed by a board of directors of which -
(i) the managing director; and
(ii) at least 50 per cent of the other directors,
shall, having regard to the provisions of section 19(1)(b), be Namibian citizens resident in Namibia: Provided that the Registrar may in exceptional circumstances grant written permission that a managing director may, for such period as may be determined by the Registrar, be a person other than a Namibian citizen;
[...]
19. Principal office and principal officer
(1) Every registered insurer and reinsurer shall -
(a) establish and maintain a principal office in Namibia; and
(b) appoint a fit and proper person to be its principal officer in Namibia and who shall, unless the Registrar in exceptional circumstances otherwise determines, be a person who is a Namibian citizen.
[...]
Schedule 1
CLASSES OF SHORT-TERM INSURANCE BUSINESS (Section 13(1))
1. Fire [...] 2. Marine [...] 3. Aviation [...] 4. Vehicles [...] 5. Guarantee [...] 6. Miscellaneous [...] (a) Personal accident [...] (b) Sickness [...] (c) General liability [...] (d) Damage to property [...] (e) Goods in transit [...] (f) Credit [...] (g) Railway rolling stock [...] (h) Legal expenses [...] (i) Expropriation and confiscation of property [...] 7. Personal [...] 8. Co-insurance business [...]" (Short-term Insurance Act No 4 of 1998)

Short-term Insurance Act No 4 of 1998
[<a href="https://media.namiblii.org/files/legislation/akn-na-act-1998-4-eng-2016-11-28.pdf">Act</a>]