Regulatory Alerts2026-05-08
Added · Updated
Standards Under the Financial Institutions and Markets Act 2021: Friendly Societies
The Namibia Financial Institutions Supervisory Authority issued binding standards requiring registered friendly societies to prepare and deposit annual statements of assets and triennial statements of liabilities in compliance with Generally Accepted Accounting Practice and International Auditing Standards. These reports must accurately reflect fair and market values, incorporate actuarial valuations for specified liabilities, exclude unearned contributions and administrative expenses from asset calculations, and be accompanied by formal board declarations and auditor confirmations. Coming into effect upon publication on 30 April 2026, the standards mandate detailed disclosure formats and empower the regulator to request supplementary information or determine valuation bases for indeterminate liabilities.