Regulatory Alerts2022-11-25
Added · Updated
Breakdown of Industry Comments for Chapter 7 – Medical Aid Funds (FIMA 2021)
The Namibia Financial Institutions Supervision Authority (NAMFISA) issued this breakdown to align Chapter 7 medical aid fund regulations with the Financial Institutions Act (FIMA) by clarifying membership eligibility, contribution structures, and disclosure requirements. The amendments delete or revise specific subsections to confirm that medical aid funds cannot unilaterally mandate compulsory membership, must provide advance written notice for contribution adjustments, and must distinguish between monthly claims statements and annual benefit statements. These changes standardize fund rules regarding voluntary contributions, dissolution and amalgamation procedures, and beneficiary transfers to ensure financial sustainability while protecting members' access to defined healthcare benefits.