Regulatory Alerts2020-06-25
Added · Updated
Critical Regulations and Standards for Immediate Implementation After Act is in Force
NAMFISA has issued critical regulations and standards mandating immediate implementation across insurance, financial markets, collective investment schemes, retirement funds, friendly societies, and medical aid funds following the enactment of the governing Act. These rules establish comprehensive registration, capital adequacy, financial reporting, and investment limit requirements while defining governance structures, fiduciary duties, and compliance mechanisms for all regulated entities. The framework standardizes operational practices, enforces fit-and-proper and independence criteria, and empowers the regulator to impose penalties, grant exemptions, and oversee ongoing reporting to ensure market stability and policyholder protection.