Regulatory Alerts2021-11-11
Added · Updated
Regulation MAF.R.7.1 – Exclusion of Specified Insurance Policies from Medical Aid Fund Business
The Namibian Minister of Finance issued Regulation MAF.R.7.1 to exclude specified health insurance policies from the statutory definition of medical aid fund business under the Financial Institutions and Markets Act, 2021. The regulation establishes nine eligible policy categories, mandates compliance with specific benefit and premium criteria, and prohibits unfair discrimination, mandatory medical aid membership, and restrictive waiting periods. Registered financial institutions must ensure marketing materials clearly distinguish these policies from medical aid benefits and submit pre-launch summaries to the Namibia Financial Institutions Supervisory Authority (NAMFISA) for compliance assessment.