Regulatory Alerts2023-04-05
Added · Updated
Chapter 7 – Medical Aid Funds Standards
The Namibia Financial Institutions Supervisory Authority (NAMFISA) issued these standards to establish mandatory governance, membership, and financial requirements for all registered medical aid funds under the Financial Institutions and Markets Act, 2021. Standard MAF.S.7.4 dictates comprehensive fund rules covering eligibility, contributions, benefit structures, board duties, and waiting periods capped at three months generally and twelve months condition-specific. Standard MAF.S.7.5 mandates independent actuarial valuations to certify financial soundness by verifying that assets exceed liabilities, contributions cover projected risks and expenses, and long-term sustainability is maintained.
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