Regulatory Alerts2021-11-11
Added · Updated
MAF.S.7.4 – Requirements for the Rules of a Medical Aid Fund
The Namibia Financial Institutions Supervisory Authority issued Standard MAF.S.7.4 to mandate comprehensive governance and operational requirements for all registered medical aid funds. The Standard requires fund rules to explicitly govern membership eligibility, contribution structures, benefit entitlements, board and principal officer duties, investment powers, and strict limits on general and condition-specific waiting periods. Funds must align their rules within six months of the Standard’s commencement and follow a structured board resolution process, including valuator certification for financial impacts and timely member notification, when amending or rescinding existing rules.
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