NAMFISA

NAMIBIA FINANCIAL INSTITUTIONS SUPERVISORY AUTHORITY Safeguarding the Nation’s Wealth

Enquiries: W.U. Kamburona 01 April 2009

TO: PRINCIPAL OFFICERS OF ALL MEDICAL AID FUNDS
CIRCULARS LETTER: PI/MA/3/2009
RE: LEVY PAYMENT IN TERMS OF GOVERNMENT NOTICE NO.78 OF APRIL 2003

You are hereby reminded that in terms of Government Notice No.78 of 2003 (section 2.12) a registered fund as defined in Section 1 of the Medical Aid Funds Act, 1995 (Act No. 23 of 1995) must pay the following levies:

a. Basic Levy N$2000.00
b. Additional levy: N$12 for each principal member of the registered fund as at the end of the year proceeding the levy year.

Section 3 (1) of the mentioned notice further states that levies payable in terms of this notice must be paid in two equal instalments, the first instalment due on 30 September of each levy year to be paid not later than 31 October and the second instalment due on 31 March paid not later than 30 April of each year.

This office has noted with regret that some registered funds are failing to honour their levy commitments to NAMFISA on stipulated dates and has to be constantly reminded of their levy payment obligations.

Kindly be informed that the above practice is regarded as direct breach of Government Notice No.78 of April 2003 (imposition of levies on NAMFISA).

Further be informed that in terms of the abovementioned notice, interest will be charged on amounts of overdue levies at a rate equal to the prevailing prime overdraft rate of the First National Bank of Namibia.

Yours truly,

Lily Brandt
REGISTRAR: MEDICAL AID FUNDS

Tel: +264 61 290 5000, Fax: +264 61 290 5158, PO Box 21250, Windhoek, Namibia, 154 Independence Ave, Sanlam Centre, www.namfisa.com.na