Regulatory Alerts2023-04-05
Added · Updated
Chapter 6 – Friendly Societies Standards
The Namibia Financial Institutions Supervisory Authority issued standards requiring registered friendly societies to annually prepare and deposit audited statements of assets and liabilities under the Financial Institutions and Markets Act, 2021. These mandates prescribe strict valuation methodologies, fair value disclosures, actuarial scrutiny for liabilities, and standardized reporting formats that must be submitted within three months of each financial year end. Compliance rests with society boards and principal officers, who must secure board resolutions and auditor declarations while enabling NAMFISA to assess disclosures, request supplementary data, and issue binding valuation determinations.
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