Regulatory Alerts2022-11-25
Added · Updated
Standards FIMA 2021 (Medical Aid Funds)
NAMFISA issued these standards under the Financial Institutions and Markets Act 2021 to regulate all registered Namibian medical aid funds, their boards of trustees, and fund administrators. The first standard mandates comprehensive rules covering membership eligibility, benefit structures, waiting periods capped at three and twelve months, governance meetings, and transparent member communications. The second standard prescribes actuarial valuation requirements for determining financial soundness, requiring audited statements, adequate reserving, and detailed reports that project assets against liabilities over three years.
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