Regulatory Alerts2003-10-20
Added
Circular-PI-MA-6-2003 – Approval of Benefit and Contribution Changes
Funds must submit proposed benefit and contribution changes for 2004 by October 31, 2003, to ensure implementation effective January 1, 2004. Each benefit option must include prescribed minimum benefits, be self-supporting regarding membership and financial soundness, and not jeopardize other options within the fund. Continuation of existing benefits for 2005 requires submission by October 31, 2004, accompanied by 2004 management accounts, enrollment numbers, and motivation for retention if performance was poor. Implementing changes before Registrar approval constitutes a direct contravention of the Act.
NAMFISA
NAMIBIA FINANCIAL INSTITUTIONS SUPERVISORY AUTHORITY
- Safeguarding the Nation’s Wealth!
October 20, 2003
Enquiries: E.U. Tjipepa
CIRCULAR LETTER PI/MA/6/2003
TO: ALL PRINCIPAL OFFICER
RE: APPROVAL OF BENEFIT AND CONTRIBUTION CHANGES
This letter serves to advise all funds that, in anticipation of the benefit and contribution changes to be implemented for the year 2004, the Registrar is required to properly check, and if necessary, investigate and resolve issues of concern with a fund before approval of the proposed changes can be granted.
As time is required to achieve this objective, all funds are advised to submit their benefit and contribution changes by October 31, 2003, for their changes to be implemented effective January 1, 2004.
Kindly, take note that each benefit option is expected to include prescribed minimum benefits, to be self-supporting in terms of membership, financial soundness and not to jeopardise the financial soundness of any benefits option within the fund.
The continuation of existing benefit(s) in respect of the financial year 2005 should be submitted to the Registrar by 31 October 2004 together with the most recent management accounts for the year 2004, number of members enrolled in each option and the substantiated motivation for retaining such benefit(s) if failed to perform financially in indicating steps taken to rectify the situation.
We repeatedly advise you that to implement any rule benefit and contribution changes, before this office has granted approval, is in direct contravention with the Act.
Yours truly,
Marcelina Gaoses
Deputy Registrar (GM): Provident Institutions
FOR REGISTRAR: MEDICAL AID FUNDS
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
More like this from NAMFISA
We email you every new NAMFISA publication the day it's published.