Regulatory Alerts2021-11-11
Added · Updated
FS.S.6.12 Valuation and Report of the Valuator
The Namibia Financial Institutions Supervisory Authority issued Standard FS.S.6.12 to mandate triennial actuarial valuation reports for all registered Friendly Societies subject to statutory scrutiny. Appointed Valuators must prepare these reports using IFRS for SMEs, detailing asset and liability assessments, Incurred But Not Reported claims, membership profiles, underlying assumptions, material risks, and sensitivity analyses while expressing a clear opinion on financial soundness. The principal officer must sign each report and provide a board certificate confirming the accuracy of furnished information before submission to the regulator.
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