NAMFISA

NAMIBIA FINANCIAL INSTITUTIONS SUPERVISORY AUTHORITY

ENQUIRIES: C.E. SWART
TO: PRINCIPAL OFFICERS OF MEDICAL AID FUNDS
CIRCULAR: PI/MA/3/16/9/2013
DATE: 16 SEPTEMBER 2013

GUIDELINES ON BENEFIT CHANGES AND CONTRIBUTION INCREASES FOR 2014

This circular serves to inform all funds that, in anticipation of the benefit and contribution changes to be implemented for the year 2014, the Registrar is required to properly check, and if necessary, investigate and resolve issues of concern with the fund before approval of the proposed changes can be granted.

Since considerable time is required to achieve this objective, all funds are hereby informed to submit their benefit and contribution changes by October 31, 2013, for their changes to be implemented effective January 1, 2014.

The following process must be adhered to when submitting amendments in terms of Section 31 of the Medical Aid Funds Act (Act No. 23 of 1995):

1. A signed resolution by the Board of Trustees should accompany the application for the proposed benefit and contribution changes.

2. All pages of the rules should be initialed by the Principal Officer and Chairperson of the Board.

3. All funds must submit an original plus one copy of the rules and amendments to their respective benefits and/or contributions.

4. Funds’ that are subjected to actuarial valuation of its benefits and contributions are requested to submit a detailed actuarial valuation report with the application.

5. All funds with amendments taking effect from 1 January 2014 are advised to adhere to the submission deadline which applies to the receipt of the signed hard copies of the amendments and NOT to the electronic copy.

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6. Funds are further required to indicate percentage changes on any benefits being amended in a tabular form as outlined below;

Name of Benefit Option	Benefits / Services	2013	2014	% change
e.g. Orthodontist		N$15,000 per Beneficiary	N$16,000 per Beneficiary	6.67

No amendments to the rules of Medical Aid Funds will be valid unless they have been approved by the Registrar and registered with the Authority in terms of Section 31 of the Act. Implementation of the above mentioned changes without the Registrar’s approval is in contravention of Section 31 of the Act, and will be subjected to penalties in accordance with Section 45 of the Medical Aid Funds Act, Act (23 of 1995).

Should you have any further queries regarding the above mentioned matter, please do not hesitate to contact Mr. Christopher Swart at telephone number (061) 290 5212 or via e-mail at cswart@namfisa.com.na

Yours sincerely,

Phillip N. Shimi
Registrar: Medical Aid Funds

Tel: +264 61 290 5000, Fax: +264 61 290 5157, PO Box 21250, Windhoek, Namibia, 154 Independence Ave, Sanlam Centre, www.namfisa.com.na