Regulatory Alerts2003-10-17
Added
Circular-PI-MA-5-2003 – Disclosure in the Financial Statements
The Registrar of Medical Aid Funds requires all registered medical aid funds in Namibia to disclose the number of lives covered, including principal members, dependants, and pensioners, as well as expenditure segmented by service provider or discipline in their quarterly reports and audited annual financial statements. This mandatory disclosure applies to the quarterly submissions for October, November, and December 2003, and to the audited annual financial reporting as at the period ending December 31, 2003.
NAMFISA
NAMIBIA FINANCIAL INSTITUTIONS SUPERVISORY AUTHORITY
- Safeguarding the Nation's Wealth! -
October 17, 2003
Enquiries: W.U. Kamburona
CIRCULAR LETTER PI/MA/5/2003
TO: ALL PRINCIPAL OFFICERS OF MEDICAL AID FUNDS
RE: DISCLOSURE OF CERTAIN INFORMATION IN THE QUARTERLY REPORTS/AUDITED ANNUAL FINANCIAL STATEMENTS
In order to effectively assess the impact of the Medical Aid Funds Industry as a whole and enhance the regulatory function of NAMFISA, it is of vital importance that all important information is disclosed in the submitted quarterly reports as well as the audited annual financial statements. A review of the data collected by the Registrar has highlighted serious shortcomings in the type of information currently being furnished by medical aid funds in their submitted quarterly reports and the audited annual financial statements.
In light of the above, the Registrar of Medical Aid Funds requires that all registered medical aid funds, in addition, discloses the following vital information in their quarterly reports and the audited annual financial reporting:
- Number of lives covered for the period; i.e. how many principal members, dependants and pensioners the funds had during the period.
- Funds are further requested to segment, how much per financial year funds spent per service provider/discipline e.g. on Hospital, Medicine, GP’s, Pharmacist etc.
The requested information will enable the Registrar to recommend measures geared towards addressing the increasing medical cost in Namibia.
Please, ensure that the requested information is disclosed in your next quarterly financial submission (October, November and December, 2003) and your audited annual financial reporting as at the period ending December 31, 2003.
Your continued cooperation and support in this process will be greatly appreciated,
If you have any queries, please contact us.
Yours truly,
Marcelina Gaoses
Deputy Registrar (GM): Provident Institutions
FOR REGISTRAR: MEDICAL AID FUNDS
Registrar of Medical Aid Funds
Namibia
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
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