Critical Regulations and Standards for Immediate Implementation After Act is in Force

CRITICAL REGULATIONS & STANDARDS FOR IMMEDIATE IMPLEMENTATION AFTER ACT IS IN FORCE No Standard # Standard Title Chapter 1: Preliminary

1 PRE.S.1.1 Definition of valuator Chapter 2: Insurance

2 INS.S.2.1 Capital adequacy requirements for registered insurers 3 INS.S.2.2 Asset Liability Valuation for CAR 4 INS.S.2.3 Application for registration of Insurers and reinsurers 5 INS.S.2.4 Registration requirements for brokers 6 INS.S.2.5 Exemptions 7 INS.S.2.6 Financial reporting requirement for insurance brokers 8 INS.S.2.7 Fair treatment of clients and policyholders by registered agents and registered brokers 9 INS.S.2.8 Matters with respect to entities commonly known as cell captives 10 INS.S.2.9 Amount of commission that may be paid to insurance agents and insurance brokers 11 INS.S.2.10 Point-of-sale information to be provided by insurers, insurance agents and insurance brokers to policyholders and potential policyholders 12 INS.S.2.11 Provisions governing the registration and on-going requirements for a corporate body to act as an agent 13 INS.S.2.12 Soundness Financial Position 14 INS.S.2.13 Trust Account and returns 15 INS.S.2.14 Voluntary cancellation of insurers and reinsurers registration 16 INS.S.2.15 Accounts and other information to be kept by registered insurers and reinsurers 17 INS.S.2.16 Registration of Lloyd's Intermediaries 18 INS.S.2.17 Voluntary cancellation of brokers registration 19 INS.S.2.18 Form of certificate of registration for an insurer or reinsurer

Regulation # 20 INS.R.2.1 Meaning of Micro-insurance 21 INS.R.2.2 Insurance terms defined for the purposes of section 8 of the Act 22 INS.R.2.3 Amount Protection that will be afforded in respect of a life policy Chapter 3: Financial Markets

23 FM.S.3.1 Matters to be included in its listing requirements 24 FM.S.3.2 Annual report of a self-regulatory organization 25 FM.S.3.3 Matters to be included in a report referred to in section 108, and the manner and timing of such report 26 FM.S.3.4 Information about an issuer and securities being issued to clients or potential clients of a regulated person when the securities are being sold by the regulated person; 27 FM.S.3.5 Demutualization of a Self-Regulatory Organization 28 FM.S.3.8 Limits for the purposes of subsection 149(b) of the definition of “affected transaction” in section 149 Chapter 4: Collective Investment Schemes 29 CIS.S.4.1 Additional information required to enable an investor to make an informed decision pursuant to subsection 166(b) 30 CIS.S.4.2 Other Information and material to be provided pursuant to subsection 173(4) 31 CIS.S.4.3 Rules for administration of collective investment schemes 32 CIS.S.4.4 Minimum investment periods for investments in a collective investment scheme in participation bonds 33 CIS.S.4.5 Minimum investment periods for investments in a collective investment scheme in unlisted securities 34 CIS.S.4.6 Actions that may be taken by NAMFISA pursuant to section 207(1) 35 CIS.S.4.7 Requirements with respect to trustees and custodians 36 CIS.S.4.8 Assets that must be included in portfolio of a collective investment scheme at the time a participatory interest is sold or offered for sale 37 CIS.S.4.9 Requirements for exercise of voting power conferred on a manager by assets held in a portfolio 38 CIS.S.4.10 Permissible deductions from a portfolio 39 CIS.S.4.11 Meaning of “net asset value” for the purposes of section 230 40 CIS.S.4.12 Matters regulated by deed 41 CIS.S.4.13 Calculation of fair value of securities 42 CIS.S.4.14 Manner and Form of Application for Registration as Manager of a Collective Investment Scheme

Chapter 5: Retirement Funds 43 RF.S.5.1 Definition of “actuarial surplus” 44 RF.S.5.2 Requirements for investigation by and report of a valuator on the financial position of a fund and form of a summary of such report 45 RF.S.5.3 Minimum information that must be furnished to a fund by an employer with respect to the payment of contributions 46 RF.S.5.4 Requirements for rules of a fund and any amendment of such rules 47 RF.S.5.5 Determination of the soundness of the financial position of a fund for the purposes of subsection 264(3) 48 RF.S.5.6 Requirements for the termination or dissolution of a fund in the circumstances specified in its rules 49 RF.S.5.7 Minimum benefits that a fund must provide to its members 50 RF.S.5.9 Compulsory beneficiary nomination forms 51 RF.S.5.10 Exemption from actuarial investigation 52 RF.S.5.11 Alternative forms for payment of retirement benefits for the purposes of defined contribution funds and requirements regarding annuities purchased by a retirement fund from a registered financial institution 53 RF.S.5.13 The requirements of a communication strategy to be adopted by the board of a fund to ensure that adequate and appropriate information is communicated to members, employers and sponsors 54 RF.S.5.15 Requirements for report of the board to NAMFISA 55 RF.S.5.17 The categories of persons having an interest in the compliance of a fund with the provisions of section 262, and the reports that must be submitted by the principal officer or a person authorised under subsection 262(8) to such categories of persons with respect to such compliance; 56 RF.S.5.18 Matters to be included in an investment policy statement, including limits 57 RF.S.5.19 Matters to be communicated to members and contributing employers and minimum standards for such communication; 58 RF.S.5.20 Matters to be included in the code of conduct to be adopted by the fund and sanctions that may be taken against the board, or individual board members, in respect of breaches of that code of conduct 59 RF.S.5.22 The transfer of any business from a fund to another fund or the transfer of any business from any other person to a fund 60 RF.S.5.23 The fee that may be charged to members for copies of certain documents, and the reports and other information that must be provided by the board of a fund to its members free of charge 61 RF.S.5.24 Application of Registration 62 RF.S.5.25 Certificate of Registration

Regulation # 63 RF.R.5.1 Funds and classes of funds for inclusion in the definition of “fund” in section 242 64 RF.R.5.3 The terms and conditions on which the board of a fund may distribute some or all of an actuarial surplus, pursuant to subsection 260(8) 65 RF.R.5.4 Prescribed funds and beneficiary funds that may be exempted pursuant to subsection 254(1)(b) 66 RF.R.5.5 Loans which may be granted to a member and guarantees which may be furnished to a person in respect of a loan granted or to be granted by such person to a member, pursuant to section 269 67 RF.R.5.7 The rate of interest payable on the value of a benefit or right to a benefit not transferred, before the expiration of the applicable period, pursuant to subsection 262(9)(c) 68 RF.R.5.8 The protection of unpaid contributions and the rate of interest payable on contributions not transmitted or received 69 RF.R.5.10 The preservation of retirement benefits 70 RF.R.5.11 Exemption from Prohibited Investment Chapter 6: Friendly Societies 71 FS.S.6.1 Statement of assets of friendly society 72 FS.S.6.2 Statement of liabilities of friendly society 73 FS.S.6.4 Management and governance of a friendly society 74 FS.S.6.5 Requirements for annual report of a friendly society 75 FS.S.6.6 Requirements for rules of friendly society and any amendment of such rules 76 FS.S.6.8 Determination of soundness of financial position of a friendly society for the purposes of subsection 295(3) 77 FS.S.6.9 Requirements for the termination or dissolution of friendly society in the circumstances specified in its rules 78 FS.S.6.10 All societies required to register 79 FS.S.6.11 Minimum number of members 80 FS.S.6.12 Valuation and report 81 FS.S.6.13 Percentage of fair value 82 FS.S.6.14 Books of accounts to be kept 83 FS.S.6.15 Persons who may keep moneys 84 FS.S.6.16 Period for outstanding contributions 85 FS.S.6.17 Application for registration 86 FS.S.6.18 Certificate of registration Regulation # 87 FS.R.6.1 Amount which aggregate value of income of FS must not exceed for Chapter 6 not to apply to the FS, pursuant to s. 278(1) 88 FS.R.6.2 Min. /max. amounts or both which FS may invest: - (i) in or outside Namibia; and (ii) in a particular asset or in particular kinds/categories of assets in Namibia or elsewhere; and the basis on which amounts determined etc. 89 FS.R.6.3 Authority for NAMFISA to grant unconditional/conditional exemptions, whether unlimited or limited in duration, from provisions of Reg. FS.R.6.2

Chapter 7: Medical Aid Funds 90 MAF.S.7.4 Rules of MAF and any amendment of such rules 91 MAF.S.7.5 Determination of soundness of financial position of MAF for purposes of s. 332(3) 92 MAF.S.7.7 Written proof of membership 93 MAF.S.7.8 Requirements for termination or dissolution of MAF in the circumstances specified in its rules 94 MAF.S.7.10 Valuation reports 95 MAF.S.7.11 Minimum number of members 96 MAF.S.7.12 Annual Report 97 MAF.S.7.13 Waiting periods 98 MAF.S.7.14 Application for registration 99 MAF.S.7.15 Certificate of registration 100 MAF.S.7.16 Period for outstanding contributions

Regulation # 101 MAF.R.7.1 Insurance policies to be excluded from definition of “business of a MAF” in s. 308 102 MAF.R.7.2 Min./max amounts or both which MAF may invest: - (i) in or outside Namibia; and (ii)in a particular asset or in particular kinds/categories of assets in Namibia or elsewhere; and the basis on which amounts determined etc. Chapter 10: General 103 GEN.S.10.2 Fit and proper requirements 104 GEN.S.10.8 Independence 105 GEN.S.10.9 Code of Conduct 106 GEN.S.10.10 Outsourcing 107 GEN.S.10.11 Institutional investment 108 GEN.S.10.12 Content of investment mandate 109 GEN.S.10.13 Payment of contributions by Retirement Funds, Friendly Societies and Medical Aid Funds 110 GEN.S.10.14 Information from List Applicants 111 GEN.S.10.16 Imposition of penalties on List Applicants etc. where matter referred to NAMFISA 112 GEN.S.10.17 Description of Plain Language 113 GEN.S.10.18 Fiduciary responsibilities of financial institutions and intermediaries and functionaries 114 GEN.S.10.19 Form and Content of any application for approval of a change of name, use of another name or use of a shortened form required to be made to NAMFISA 115 GEN.S.10.20 Establish procedures for identifying and dealing with conflicts or potential conflicts of interest, and for identifying and vetting related party transactions