Regulatory Alerts2003-06-06
Added
Requirements and Guidelines for Registration of a Medical Aid Fund
The Registrar of Medical Aid Funds in Namibia establishes specific requirements for the registration of medical aid funds under the Medical Aid Funds Act, 1995. Applicants must submit a written application, a detailed business plan, certified rules, and proof of fit and proper status for the Principal Officer and trustees. The guidelines mandate a minimum membership base of 500 principal members within three months of registration and require a financial guarantee of N$750,000 for funds with 1,000 or fewer members. Additionally, funds must retain at least 35% of total assets in Namibia and provide quarterly statistical analyses to monitor financial stability.