…As Namfisa transformation bears fruit
By Business Reporter
AN amount of about N$15.4 million was paid to complainants, following interventions by the Namibia Financial Institutions Supervisory Authority (Namfisa) during the 2016/17 financial year, the regulator’s financial report has revealed.
In the previous review period, these payments amounted to N$9.2 million.
“During the period under review, amounts of N$609 102 and N$2 063 909 was paid by short- and long-term insurance institutions, respectively, while N$352 361 was paid by micro-lending and credit agreement institutions. Payments to the tune of N$11 242 890 were made from pension funds, whereas N$1 844 was paid out over a medical aid fund issue. Capital markets yielded a pay out of N$1 705 418 to complainants, and N$14 591 was paid by collective investment institutions,” Namfisa Chief Executive Officer, Kenneth Simataa Matomola, said during a briefing on Thursday.
During the period, Namfisa received a total of 796 complaints – an increase of 84 from the 712 complaints received in the 2015/16 financial.
The nature of complaints received range from the non-cancellation of contracts, the non-payment of pension benefits, the non-payment of pension contributions, the repudiation of funeral benefits, the repudiation of disability benefit claims, the repudiation of insurance claims, queries, overcharged interest, the non-payment of refunds, poor information on loans granted, services not delivered, services not acceptable, the repudiation of hospital benefit claims, claim disputes, investment/savings values, illegal deductions and the extension of loan repayment periods.
The Namfisa report also shows that the concerted efforts made in transforming the authority’s supervisory and regulatory approach, from being a compliance-based to a risk-based framework.
During the financial period, the authority drafted amendments to the Medical Aid Funds Act, the Unit Trusts Control Act, the Long-term Insurance Act and the Short-term Insurance Act, as well as to various regulations under these and other Acts.
These amendments were submitted to Finance Minister, Calle Schlettwein, for approval.
They have since been promulgated.
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