Regulatory Alerts2022-11-25
Added · Updated
NAMFISA Standards for Friendly Societies under the Financial Institutions and Markets Act 2021
The Namibia Financial Institutions Supervisory Authority has issued binding standards requiring registered friendly societies to prepare and deposit annual statements of assets and liabilities in strict compliance with prescribed accounting, auditing, and actuarial practices. These standards mandate that societies report assets and liabilities at fair or market value within three to six months of their financial year end, while clearly distinguishing amounts subject to actuarial scrutiny and properly accounting for reinsurance cessions. Boards must formally declare compliance and auditors must verify the statements before submission to the regulator, with all provisions taking effect immediately upon publication.
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