I/MAF/02/2024 – Submission of Revised Annual Returns (Annexure C)

Page 1 of 4 DIRECTIVE

NO. : I/MAF/02/2024 TO : PRINCIPAL OFFICERS OF REGISTERED MEDICAL AID FUNDS TRUSTEES OF REGISTERED MEDICAL AID FUNDS NAMIBIAN ASSOCIATION OF MEDICAL AID FUNDS DATE : 27 DECEMBER 2024 EFFECTIVE DATE : 31 DECEMBER 2024 SUBJECT : SUBMISSION OF ANNUAL RETURNS

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1. INTRODUCTION 1.1. This Directive is issued by virtue of the Namibia Financial Institutions Supervisory Authority’s (“NAMFISA”) functions and powers and those of its Chief Executive Officer in his capacity as the Registrar of Medical Aid Funds (“the Registrar”) in terms of the Medical Aid Funds Act, 1995 (Act No. 23 of 1995) (“the MAF Act”), read with the Namibia Financial Institutions Supervisory Authority Act, 2001 (Act No. 3 of 2001).

Page 2 of 4 1.2. This Directive should be read together with Directive I/MAF/01/2024 (attached hereto for ease of reference) in so far as the Directive relates to annual returns. The industry should note that the external auditors of the registered medical aid funds are not required to perform agreed upon procedures on the information to be submitted in the annual return as previously indicated in Directive I/MAF/01/2024, as the requirement will now be that reasonable assurance is provided on the annual returns, as indicated in paragraph 3.2 below. Furthermore, the applicable timelines will be those stipulated in this Directive. 1.3. The information submitted by registered medical aid funds is used by NAMFISA to assess the financial soundness of the medical aid funds sector, to populate the early warning system of registered medical aid funds and for corrective supervisory measures to be determined and implemented by the Registrar. 1.4. The purpose of this Directive is to provide the medical aid funds industry with the annual return template to be submitted annually, within six months after the end of the medical aid fund’s financial year. 2. THE LAW 2.1. In terms of section 4(3) of the MAF Act, the Registrar may, by written notice, require a medical aid fund to submit any document or information relating to the affairs of the medical aid fund as the Registrar may require in the performance of his functions in terms of the MAF Act. 2.2. In terms of Regulation 13A of the Regulations made under the MAF Act (“Regulations”) as published in Notice No. 193 of Government Gazette Notice No. 6688 dated 24 August 2018, a registered medical aid fund that, or person who, contravenes or fails to comply with section 4(3) of the MAF Act shall be liable for an administrative penalty of N$1,000.00 for each calendar day during which the contravention or non-compliance exists.

Page 3 of 4 3. DIRECTIVE 3.1. The Registrar hereby directs all registered medical aid funds to complete and submit to the Registrar annually, the annual return attached hereto and marked “Annexure A 3 (MAF)”, within six months after the end of its financial year. 3.2. The external auditors of the registered medical aid funds are required to provide reasonable assurance on the information to be submitted in the annual return by way of a written report. 3.3. The annual return must be submitted for all financial years ending on or after 31 December 2024. The annual returns must include information from the immediately preceding financial year, where applicable, and the external auditors of the medical aid fund are required to provide reasonable assurance on this comparative information. 3.4. Medical aid funds are also required to report on the different types of administration services that they are paying for in the annual return for all financial year ends ending on or after 31 December 2024 and must also include comparative information from the immediately preceding financial year. 3.5. Failure to comply with the timelines stipulated in paragraph 3.1 above may result in penalties being imposed in terms of Regulation 13A. 3.6. The submission of an incomplete and/ or inaccurate annual return will be treated as non-submission until such time as the return has been corrected and resubmitted. A penalty will therefore be applied for each day until the resubmission date.

Page 4 of 4 3.7. A submission will be regarded as incomplete and/or inaccurate if it exhibits any of the following features: 3.7.1. where the Statement of Financial Position does not balance; 3.7.2. material inaccuracies in the quantitative data; 3.7.3. inconsistencies noted between the annual return and other information filed with the Registrar (i.e., quarterly returns); or 3.7.4. any other inaccuracies that inhibit the Registrar’s reliance on the data contained in the annual return. We trust that all registered medical aid funds will give their full cooperation to ensure effective compliance with the above. For further information or clarification on this Directive, please do not hesitate to contact the Insurance and Medical Aid Funds Division at telephone number (061) 290 5213 or via e-mail at imaf@namfisa.com.na. KENNETH S. MATOMOLA REGISTRAR OF MEDICAL AID FUNDS