Regulatory Alerts2023-04-05
Added · Updated
Medical Aid Funds: Breakdown of Industry Comments for Chapter 7
NAMFISA has issued a regulatory breakdown addressing industry feedback on Chapter 7 standards governing medical aid funds, introducing targeted amendments to registration procedures and broker applications. The regulator accepted most proposed clarifications, refining clause references to delete superfluous terminology, updating definitions for boards and chairpersons, and mandating electronic submissions alongside hard copies. These adjustments align governance requirements with the Financial Institutions Act while preserving operational flexibility, ensuring that medical aid funds maintain adequate corporate governance systems without imposing unnecessary compliance burdens.
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