Regulatory Alerts2002-04-19
Added
Payments to Healthcare Intermediaries by Medical Aid Funds and or Medical Aid Administrators
The Namibia Financial Institutions Supervisory Authority reminds medical aid funds and administrators that Regulation 3 of the Regulations promulgated in terms of Government Notice No. 11 of 1997 prohibits paying rewards for introducing or retaining members. The Authority orders the immediate discontinuation of practices where intermediaries receive fees in excess of current industry norms or are used as a competitive marketing edge without regard for long-term financial implications. All payments to intermediaries must be broken down into administration fees, consulting fees, all other fees, and fees allowing for inflation increases within audited financial statements. Failure to comply may result in steps being taken under section 45 of the Medical Aid Funds Act 23 of 1995.
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