Regulatory Alerts2021-11-11
Added · Updated
MAF.S.7.16 – Period After Which Payment of Contributions Become Due
The Namibia Financial Institutions Supervisory Authority issued Standard MAF.S.7.16 to mandate that all registered medical aid funds deposit or forward member and employer contributions within seven calendar days after the end of each payable month. Fund boards must transfer received contributions to the fund’s bank account on the first business day following receipt, ensuring timely capitalization. Boards are further required to notify active and retired members, as well as the regulator, of any contribution delinquency or deficiency within thirty days after this statutory period expires.
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