The Namibia Financial Institutions Supervisory Authority has published a broad set of standards for medical aid funds under the Financial Institutions and Markets Act, 2021, covering fund rules, solvency assessments, governance, reporting, membership administration, dissolution and the registration and cancellation processes for both funds and medical aid fund brokers. The package took effect on publication in the Gazette and establishes a more detailed supervisory framework for how medical aid funds are structured, governed and monitored. The standards require fund rules to cover core operational and member-protection matters, including eligibility, benefits, contribution changes, governance arrangements, claims procedures, dispute handling and member access to documents. They also cap general waiting periods at three months and condition-specific waiting periods at 12 months in the circumstances set out, require written proof of membership and termination certificates, and set contribution handling rules under which contributions must be paid into the fund within seven calendar days of becoming due, with contribution delinquencies or deficiencies reported to affected members and NAMFISA within one month. On financial soundness, valuators must certify funds against criteria including audited financial statements showing assets exceeding liabilities, compliance with reserving and solvency requirements, consideration of material risks such as IBNR, contribution adequacy, demographic and medical inflation trends, and projections showing assets exceeding liabilities over the following three financial years. Governance requirements place ultimate responsibility on boards even where functions are outsourced, require conflict management, regular performance evaluations and risk management, and introduce tenure limits of three consecutive three-year terms for trustees, six consecutive years for auditors and nine consecutive years for valuators. The package also sets detailed formats and information requirements for annual reports to NAMFISA, procedures for voluntary dissolution including member voting thresholds and liquidator approval, and application forms and evidentiary requirements for registration, cancellation or variation of registration for funds and brokers. Medical aid funds must amend their rules to comply with the rules standard within 12 months of its commencement.
Namibia Financial Institutions Supervisory Authority2026-05-08
Namibia Financial Institutions Supervisory Authority issues comprehensive medical aid fund standards with immediate effect
The Namibia Financial Institutions Supervisory Authority has issued a full set of medical aid fund standards under the Financial Institutions and Markets Act, 2021, covering governance, solvency, member disclosures, waiting periods, reporting, dissolution and licensing processes for funds and brokers. The standards took effect on publication in the Gazette, and medical aid funds have 12 months to align their rules with the new rule requirements. Key measures include a three-month cap on general waiting periods, a 12-month cap on condition-specific waiting periods, stricter valuator and annual reporting requirements, and board accountability even where functions are outsourced.