Regulatory Alerts2021-11-11
Added · Updated
Requirements for Voluntary Termination of a Medical Aid Fund
The Namibia Financial Institutions Supervisory Authority (NAMFISA) has issued Standard No. MAF.S.7.8 to establish the procedural framework for medical aid funds seeking voluntary dissolution under the Financial Institutions and Markets Act, 2021. The standard mandates a minimum seventy-five percent member approval threshold, outlines the liquidator appointment and preliminary account submission processes, and grants NAMFISA discretionary authority to review objections and direct fund compliance before final deregistration. It further specifies mandatory documentation, timelines for ballot returns and account inspections, and the final cancellation of registration once all liabilities are discharged and directives are satisfied.