Regulatory Alerts2021-11-11
Added · Updated
NAMFISA Standard FS.S.6.1 Statement of Assets for Friendly Societies
The Namibia Financial Institutions Supervisory Authority (NAMFISA) issued Standard FS.S.6.1 to mandate all registered friendly societies to prepare and deposit an annual statement of assets within 90 days of their financial year end. The standard requires assets to be reported at fair value with disclosed market values, excludes administrative expenses and goodwill, and permits grouping of assets to avoid excessive volume. Compliance necessitates board resolutions and auditor declarations confirming adherence to the Financial Institutions and Markets Act, alongside detailed disclosures of investment income, overdue payments, and actuarial valuations.
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