Regulatory Alerts2008-10-28
Added
Circular-PI-MA-2-2008 – Signed Version Business of a Medical Aid Fund
Medical Aid Funds are prohibited from incorporating insurance or re-insurance products into their business rules and premiums, as such activities constitute insurance business rather than the statutory business of a fund. Funds must immediately arrange changes to comply with this prohibition, retaining the ability to carry on other business only if necessary to safeguard an investment and approved by the Registrar. All previous approvals for non-investment safeguarding businesses under Section 29 are revoked, and contraventions may result in fines up to N$10,000 or imprisonment for up to 30 months.
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