Requirements for Registration of Medical Aid Funds (MAFs) or Fund Administrators

In terms of the NBFIRA Act, Medical Aid Funds/schemes (MAFs) are regulated and supervised by NBFIRA. There is however no subordinate regulations and rules to license and monitor the MAFs effectively.  NBFIRA is currently in the process of formulating a subordinate regulatory framework for MAFs’.

This regulation will fall under the purview of NBFIRA and any entity intending to carry on such business must submit and comply with NBFIRA requirements for licensing.

In light of the above, NBFIRA requests for the following information pertaining to the proposed MAF:

Ø Form 2, Form 3, Form C, Form 4, and Form RBN/4 from the Registrar of Companies;

Ø Legal structure of proposed MAF;

Ø Legal structure of proposed MAF’s fund administrators;

Ø Organizational structure of proposed MAF;

Ø Organizational structure of proposed MAF’s fund administrators;

Ø Board of Trustees-details relating to term of office, election criteria, duties, fees paid, experience base and names;

Ø Principal Officers-same details as trustees;

Ø Benefits and contributions of all products;

Ø Network list of general practitioners and specialists for the proposed MAF;

Ø A copy of the contracts of membership for the proposed MAF’s members;

Ø Administration fees charged to MAF;

Ø Proposed Business plan;

Ø Proposed Auditors;

Ø Proposed financial projections for five (5)-year period;

Ø Financial statements-indicating assets, liabilities, solvency, paid-up capital; and