RegAlert

Rule · NAMFISA · 21 Jan 2004

Circular-PI-MA-1-2004 – Boards of Medical Aid Funds

governance

The Registrar of Medical Aid Funds requires that principal officers of open medical aid funds hold qualifications and job descriptions equivalent to those of principal officers in insurance companies. Appointments must be full-time and strictly prohibit individuals who are directors, members, employees, or officials of the fund's administrator or its service providers from holding these positions. All such appointments must be submitted to the Registrar's office by March 31, 2004.

NamibiaNamibia Financial Institutions Supervisory Authority

NAMFISA
NAMIBIA FINANCIAL
INSTITUTIONS SUPERVISORY AUTHORITY

  • Safeguarding the Nation's Wealth -

January 21, 2004

Enquiries: E.U. Tijipepa
CIRCULAR LETTER PI/MA/1/2004
TO: CHAIRPERSONS OF BOARD OF TRUSTEES OF ALL OPEN MEDICAL AID FUNDS RE: STANDARD AND MEASUREMENT CRITERIA FOR THE REMUNERATION AND QUALIFICATION OF PRINCIPAL OFFICERS

The Registrar of Medical Aid Funds has undergone a survey in determining the suitable standard for the remuneration and qualification of all Principal Officers in a full-time capacity. Therefore, the Registrar would appreciate it if the following information be taken into consideration when determining the remuneration of a principal officer according to the size a Fund concerned:

  1. The person to be appointed should be equivalent to the Principal Officer
    (Financial Manager and/or Operational Manager) of an Insurance Company.

  2. The job description of the positions mentioned above should also apply to the
    principal officers of medical aid funds.

  3. The same qualifications as those of the positions mentioned above should also
    apply to the principal officers of medical aid funds

However, funds are advised that the appointment of principal officers must be in a full-time capacity and may not be-

(a) a director, member, employee or other official of any organization serving as the administrator of that medical aid fund; or (b) a director, member, employee or other official of any organization rendering services to the administrator in connection with the business of such fund.

P.O. Box 21250 Windhoek NAMIBIA 154 Independence Avenue 8th Floor, Sanlam Centre Tel: (+264 61) 290 5000 Fax: (+264 61) 256303 E-Mail: info@namfisa.com.na

We hereby determine that the appointment of principal officers should reach this office by no later than March 31, 2004.

We hope that you will find the above in order. However, if you have any queries, please call us at anytime.

Yours truly,

Marcelina Gaoses
Deputy Registrar (GM): Provident Institutions

Franz van Rensburg
REGISTRAR: MEDICAL AID FUNDS

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Source: Namibia Financial Institutions Supervisory Authority — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works

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