Critical Regulations and Standards for Immediate Implementation After the Act

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

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

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

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

FM.S.3.1
Matters to be included in its listing requirements FM.S.3.2 Annual report of a self-regulatory organization FM.S.3.3 Matters to be included in a report referred to in section 108, and the manner and timing of such report 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; FM.S.3.5 Demutualization of a Self-Regulatory Organization 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
CIS.S.4.1
Additional information required to enable an investor to make an informed decision pursuant to subsection 166(b) CIS.S.4.2 Other Information and material to be provided pursuant to subsection 173(4) CIS.S.4.3 Rules for administration of collective investment schemes CIS.S.4.4 Minimum investment periods for investments in a collective investment scheme in participation bonds CIS.S.4.5 Minimum investment periods for investments in a collective investment scheme in unlisted securities CIS.S.4.6 Actions that may be taken by NAMFISA pursuant to section 207(1) CIS.S.4.7 Requirements with respect to trustees and custodians 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 CIS.S.4.9 Requirements for exercise of voting power conferred on a manager by assets held in a portfolio CIS.S.4.10 Permissible deductions from a portfolio CIS.S.4.11 Meaning of “net asset value” for the purposes of section 230 CIS.S.4.12 Matters regulated by deed CIS.S.4.13 Calculation of fair value of securities CIS.S.4.14 Manner and Form of Application for Registration as Manager of a Collective Investment Scheme

Chapter 5: Retirement Funds
RF.S.5.1
Definition of “actuarial surplus”
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 RF.S.5.3 Minimum information that must be furnished to a fund by an employer with respect to the payment of contributions RF.S.5.4 Requirements for rules of a fund and any amendment of such rules RF.S.5.5 Determination of the soundness of the financial position of a fund for the purposes of subsection 264(3) RF.S.5.6 Requirements for the termination or dissolution of a fund in the circumstances specified in its rules RF.S.5.7 Minimum benefits that a fund must provide to its members RF.S.5.9 Compulsory beneficiary nomination forms RF.S.5.10 Exemption from actuarial investigation 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 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 RF.S.5.15 Requirements for report of the board to NAMFISA 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; RF.S.5.18 Matters to be included in an investment policy statement, including limits RF.S.5.19 Matters to be communicated to members and contributing employers and minimum standards for such communication; 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 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 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 RF.S.5.24 Application of Registration RF.S.5.25 Certificate of Registration

Regulation #
RF.R.5.1
Funds and classes of funds for inclusion in the definition of “fund” in section 242 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) RF.R.5.4 Prescribed funds and beneficiary funds that may be exempted pursuant to subsection 254(1)(b) 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 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) RF.R.5.8 The protection of unpaid contributions and the rate of interest payable on contributions not transmitted or received RF.R.5.10 The preservation of retirement benefits RF.R.5.11 Exemption from Prohibited Investment
Chapter 6: Friendly Societies
FS.S.6.1
Statement of assets of friendly society
FS.S.6.2
Statement of liabilities of friendly society
FS.S.6.4
Management and governance of a friendly society FS.S.6.5 Requirements for annual report of a friendly society FS.S.6.6 Requirements for rules of friendly society and any amendment of such rules FS.S.6.8 Determination of soundness of financial position of a friendly society for the purposes of subsection 295(3) FS.S.6.9 Requirements for the termination or dissolution of friendly society in the circumstances specified in its rules FS.S.6.10 All societies required to register FS.S.6.11 Minimum number of members FS.S.6.12 Valuation and report FS.S.6.13 Percentage of fair value FS.S.6.14 Books of accounts to be kept FS.S.6.15 Persons who may keep moneys FS.S.6.16 Period for outstanding contributions FS.S.6.17 Application for registration FS.S.6.18 Certificate of registration Regulation # 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) 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. 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
MAF.S.7.4
Rules of MAF and any amendment of such rules
MAF.S.7.5
Determination of soundness of financial position of MAF for purposes of s. 332(3) MAF.S.7.7 Written proof of membership MAF.S.7.8 Requirements for termination or dissolution of MAF in the circumstances specified in its rules MAF.S.7.10 Valuation reports MAF.S.7.11 Minimum number of members MAF.S.7.12 Annual Report MAF.S.7.13 Waiting periods MAF.S.7.14 Application for registration MAF.S.7.15 Certificate of registration MAF.S.7.16 Period for outstanding contributions

Regulation #
MAF.R.7.1
Insurance policies to be excluded from definition of “business of a MAF” in s. 308 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
GEN.S.10.2
Fit and proper requirements
GEN.S.10.8
Independence
GEN.S.10.9
Code of Conduct
GEN.S.10.10
Outsourcing
GEN.S.10.11
Institutional investment
GEN.S.10.12
Content of investment mandate
GEN.S.10.13
Payment of contributions by Retirement Funds, Friendly Societies and Medical Aid Funds GEN.S.10.14 Information from List Applicants GEN.S.10.16 Imposition of penalties on List Applicants etc. where matter referred to NAMFISA GEN.S.10.17 Description of Plain Language GEN.S.10.18 Fiduciary responsibilities of financial institutions and intermediaries and functionaries 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 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