Regulatory Alerts2020-06-25
Added · Updated
Critical Regulations and Standards for Immediate Implementation After Act Enactment
Issued by NAMFISA, these critical regulations and standards establish immediate compliance requirements across insurance, financial markets, collective investment schemes, retirement funds, friendly societies, and medical aid funds following the enactment of the governing Act. The framework mandates capital adequacy, asset-liability valuation, and detailed registration processes for insurers, brokers, agents, and fund managers while enforcing strict governance, investment limits, valuation methodologies, and fiduciary duties. NAMFISA retains comprehensive supervisory authority to monitor ongoing compliance, impose penalties for breaches, grant conditional or unconditional exemptions, and enforce standardized reporting and communication protocols across all regulated entities.