Regulatory Alerts2021-11-11
Added · Updated
Determination of Financial Soundness of a Medical Aid Fund (MAF.S.7.5)
The Namibia Financial Institutions Supervisory Authority issued Standard MAF.S.7.5 to establish the statutory criteria for determining whether a medical aid fund maintains a financially sound position under the Financial Institutions and Markets Act, 2021. The standard requires valuators to certify funds by verifying that assets exceed liabilities, compliance with reserving and solvency rules is met, and valuation reports comprehensively address contribution adequacy, investment strategy, and key financial risks. It further prescribes detailed reporting structures, certification requirements, and conditions for relying on preceding valuator reports to ensure ongoing regulatory compliance and capital adequacy.
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