Consultation · NAMFISA · 14 Feb 2020
The Registrar of Medical Aid Funds intends to declare as undesirable practices the granting of discounts on contribution rates, loading of rates, calculating rates based on the oldest beneficiary's age, and determining any other contribution rate form resulting in direct or indirect discounts. This declaration applies to all registered medical aid funds and their members. Written representations regarding the proposed declaration must be submitted to the Registrar within 30 calendar days of the notice distribution. The declaration is effective from 1 January 2021.
NOTICE OF INTENTION TO PUBLISH DECLARATION OF UNDESIRABLE PRACTICE IN TERMS OF SECTION 4(9) OF THE MEDICAL AID FUNDS ACT, 1995 (ACT NO. 23 OF 1995)
a) indicates his intention to make the undesirable practice declaration contained in the Schedule to this notice;
and
b) invites written representations in respect of the proposed declaration (where objections are raised, please provide reasons for the objections).
The written representations must be addressed to the Registrar of Medical Aid Funds, PO Box 21250, Windhoek, Namibia, First Floor, Sanlam Centre, 154 Independence Avenue, Windhoek, Namibia and must reach the Registrar of Medical Aid Funds within 30 (thirty) calendar days after the date of the distribution of this notice.
The Registrar of Medical Aid Funds intends to make the declaration contained in the Schedule to this notice, which shall be applicable to all medical aid funds and its members.
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SCHEDULE
Under section 4(9) of the Medical Aid Funds Act, 1995 (Act No. 23 of 1995) ("the Act"), I hereby declare the following practices by medical aid funds as an undesirable practice:
a) granting discounts on contribution rates to individual members, group members and different sized group members;
b) loading of contribution rates of individual members, group members and different sized group members;
c) the calculation of an individual's contribution rate based on the age of the oldest beneficiary and making the said beneficiary the principal member; and
d) determining any other form of contribution rate that ultimate results in a form of direct or indirect discount.
This notice, which is effective from 1 January 2021, is applicable to all registered medical aid funds and its members and is issued pursuant to section 4(9) of the Act. Any contravention of this notice will be dealt with in accordance with the provisions of the Act.
Kenneth S. Matomola
REGISTRAR OF MEDICAL AID FUNDS
Windhoek, 14 February 2020
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Source: Namibia Financial Institutions Supervisory Authority — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works
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