The Namibia Financial Institutions Supervisory Authority has published a package of standards under the Financial Institutions and Markets Act, 2021 governing medical aid funds and their brokers. The standards, which took effect upon gazette publication on April 30, 2026, establish requirements for fund rules, governance, financial soundness, actuarial reporting, annual reports, membership evidence, waiting periods, contribution payments, registration and voluntary dissolution. Funds must amend their rules to comply within 12 months of the effective date. The governance framework makes boards ultimately accountable for delegated and outsourced functions, requires annual performance evaluations and regular risk management reviews, and sets tenure limits of three consecutive three-year terms for trustees, six consecutive years for auditors and nine consecutive years for valuators. Financial soundness assessments must address solvency, reserves, contribution adequacy, incurred but not reported claims and three-year asset and liability projections. Member protections include maximum waiting periods of three months generally and 12 months for specified conditions, free membership documentation and prescribed benefit information, while contributions must be deposited into a fund account within seven calendar days after becoming due.

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