Grandfathering of Subordinate Legislation

SUBJECT REGULATION TO BE GRANDFATHERED GENERAL Definitions Payment of premiums received 1 YES 1.1 Schedule 3 of the FIM Act under section 467 provides for transitional provisions as follows: General preservation of subordinate measures and other actions “2. (1) Any subordinate legislation or measure made under a repealed law remains in force unless in conflict with this Act and be deemed to be made thereunder until superseded by a subordinate measure made under this Act.” (2) The rules of a financial institution made under a repealed law and in force immediately before the effective date continue to be in force so far as they are not inconsistent with this Act, except that the financial institution must within six months from the effective date amend or replace its rules so as to comply with the requirements of this Act. Definitions referencing a Standard or Regulation or requiring the constitution of a body; 1.2 The following Regulation, rules and other subordinate measures that have not been addressed under the FIM Act and its Standards or Regulations issued thereunder have been identified for purposes of the grandfathering exercise. These include the Long-term Insurance Regulations, Short-term Insurance Regulations, Medical Aid Fund Regulations and Pension Fund Regulations as well as the Rules of the Namibia Stock Exchange (NSX) and Listing Requirements, the Trust Deeds and Supplemental Deeds establishing Unit Trust Schemes rules under the Capital Markets respectively. There are no regulations or rules identified for grandfathering under the General Chapter of FIM Act. 3 YES GRANDFATHERING OF SUBORDINATE LEGISLATION SHORT TERM IINSURANCE (STI) - REGULATIONS Report of non-payment 4 YES

SUBJECT REGULATION TO BE GRANDFATHERED Days of grace, paid-up policies and non-forfeiture rules: life policies 11 YES Days of grace: funeral policies 12 YES Limits of Investment 15 YES MEDICAL AID FUND (MAF) - REGULATIONS Provision in the FIM Bill (Chapter 4) Collective Investment Schemes Degree of Gravity Maximum sum insurable on life of a minor under fourteen years of age 7 YES Lost Policies 10 YES Payment of monetary benefits under funeral policies 8 YES Proof of age and procedure when accepted age found incorrect 9 YES Prohibition of differentiation, inducements and assumption of obligations 5 YES Insurance Tables 6 YES Payment of premiums received 3 YES Report of non-payment 4 YES 8 YES Deposits 2 YES LONG TERM INSURANCE (LTI) - REGULATIONS Prohibition of differentiation, inducements and assumption of obligations 5 YES Limits of Investments

SUBJECT REGULATION TO BE GRANDFATHERED Definition of Practice Number 1 YES Definition of Supplier of Health Service 1 YES Limitation on claims – imposing conditions to withhold payment of claim 7 YES Payment of claims 8 YES RETIREMENT FUND (RF) - REGULATIONS Provision in the FIM Bill (Chapter 4) Collective Investment Schemes Degree of Gravity SUBJECT REGULATION TO BE GRANDFATHERED Assets in which a registered fund may invest 12 to 13 (Part 7) YES Investment of pension fund assets in unlisted investments 14 to 40 (Part 8) YES Administrative penalties 42 YES SUBJECT REGULATION TO BE GRANDFATHERED Financial Markets Rules of the NSX and Listing Requirements YES Unit Trust Schemes (Entities under Ch4 of FIMA) Existing Trust Deeds and Supplemental Deeds establishing Unit Trust Schemes YES FINANCIAL MARKETS (FM) & COLLECTIVE INVESTMENT SCHEMES (CIS) - REGULATIONS

SUBJECT REGULATION TO BE GRANDFATHERED Curtailment of Benefits N/A YES Advertising N/A YES Discounts N/A YES Restrictions and Exclusions relating to third party claims N/A YES SUBJECT REGULATION TO BE GRANDFATHERED All Directives and Circulars issued to date N/A YES DECLARATIONS OF UDESIRABLE PRACTICES DIRECTIVES/CIRCULARS