Regulatory Alerts2018-07-13
Added
Provision of Savings Accounts by Medical Aid Funds to Members
The Namibia Financial Institutions Supervisory Authority directs all registered medical aid funds to cease maintaining separate savings accounts for members and to pay out credit balances upon termination or change of benefit options, effective 13 July 2018. This practice is prohibited as it constitutes unauthorized banking business under the Banking Institutions Act and falls outside the permitted business of a fund under the Medical Aid Funds Act. Funds must amend their rules to align with these statutory requirements, with non-compliance subject to enforcement actions including fines up to N$20,000 or imprisonment.