WINDHOEK – The Namibia Financial Institutions Supervisory Authority (NAMFISA) and the Namibian Association of Medical Aid Funds (NAMAF) have agreed to co-operate and harmonise the exercise of their respective mandates over matters of mutual interest. Through a Memorandum of Understanding (MoU), which was signed on Thursday, they decided to ensure the coherent application of the Medical Aid Funds Act for the betterment and development of the Medical Aid Funds industry.
“As an institution that premised its strategic foundation on the sound regulation and supervision of the financial services sector, NAMFISA is committed to continuously foster sound and mutual beneficial relations with the industries it oversees. This extends to the associations representing these financial institutions, in this case, I refer particularly to the Medical Aid Funds fraternity, represented by the Namibia Association of Medical Aid Funds,” said Kenneth Matomola, Chief Executive Officer of NAMFISA.
Speaking at the same occasion, NAMAF Chief Executive Officer, Stephen Tjiuoro said “both institutions will benefit greatly by the exchange of information, to ensure adequate enforcement and securing compliance with the applicable and relevant laws, regulations and rules and to facilitate the fulfilment of our respective mandates. In doing so, both institutions will ensure that members of Medical Aid Funds are indeed protected.”
As at March 31, 2018, the total number of members registered on private medical aid funds stood at 195 412, with the industry’s total asset amounting to N$1.8 billion.