Regulatory Alerts2002-09-02
Added
Medical Aid Funds Operations
The Board of Trustees of Medical Aid Funds in Namibia must appoint a fit and proper Principal Officer by October 1, 2002, who must be a full-time employee and independent of the fund's administrator, with final approval required from NAMFISA. All funds are required to establish a bona fide registered office physically separated from their administrators and transfer all legal records to this location within three to six months from the circular's date. Additionally, boards must immediately review existing contracts to ensure they are legally binding and serve members' interests, submitting revised contracts for NAMFISA approval by October 31, 2002.
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