Regulatory Alerts2026-07-13
Added
I/MAF/04/2026 – Matters Related to the Implementation of FIMA, 2021 (Act No. 2 Of 2021)
Medical Aid Funds registered under the Medical Aid Funds Act, 1995 must apply for re-registration under the Financial Institutions and Markets Act, 2021 within 12 months of its 1 May 2026 commencement, adhering to allocated quarterly submission schedules. Funds are required to incorporate minimum provisions from the attached Model Rules Template into their governing rules and appoint an independent valuator within 90 days of the Act's commencement. Boards of trustees must ensure compliance with fit and proper requirements, including mandatory Governance Awareness Sessions, and amend board composition rules by 1 August 2026 with full revised rule sets submitted by 30 April 2027. Additionally, funds must submit valuation reports and annual financial statements to the regulator within specified deadlines starting from financial years ending on or after 1 May 2027, and notify the regulator of outsourcing agreements within 30 business days of execution.
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