Regulatory Alerts2023-04-05
Added · Updated
Chapter 6 – Friendly Societies Standards
The Namibia Financial Institutions Supervisory Authority (NAMFISA) has issued binding standards requiring all registered friendly societies to prepare and deposit annual statements of assets and liabilities under the Financial Institutions and Markets Act, 2021. These standards mandate that societies report assets and liabilities at fair or market values, incorporate actuarial valuations for specified obligations, and submit the required documentation within three to six months of each financial year end. The regulations further require board resolutions and independent auditor or valuator declarations to verify accuracy, while granting NAMFISA the authority to assess disclosures and determine valuation bases for indeterminate liabilities.