Regulatory Alerts2021-11-11
Added · Updated
Requirements for the Annual Report of a Medical Aid Fund (MAF.S.7.12)
The Namibia Financial Institutions Supervisory Authority issued Standard MAF.S.7.12 to establish mandatory formatting and content requirements for the annual reports of all registered medical aid funds under the Financial Institutions and Markets Act, 2021. Funds must submit board-approved written and electronic reports alongside their financial statements, detailing board activities, legal actions, policy amendments, key financial metrics, membership changes, and comprehensive investment schedules with compliance testing. The standard prescribes specific financial ratios, periodic consolidated income statements, cash flow analyses, and variance explanations to ensure transparent reporting of operational performance and solvency for trustees, members, and regulators.