NHP outlines FIMA impact
Namibia Health Plan (NHP) has briefed its members on changes arising from the implementation of the Financial Institutions and Markets Act (FIMA), including changes to the way some functions within the medical aid fund will be handled.
NHP held an online member information session on 9 September under the theme “Let’s Talk FIMA: Understanding What FIMA Means for You as an NHP Member”.
The session was aimed at explaining the implications of FIMA for NHP and its members, as well as addressing questions and concerns about the regulatory changes.
Stronger regulatory oversight
FIMA introduces a strengthened regulatory framework for medical aid funds, with greater emphasis on governance, accountability, transparency, financial soundness and the protection of members’ interests.
For medical aid funds, the legislation is expected to bring changes to governance and operational arrangements as the industry adjusts to the new regulatory environment.
NHP said the session was intended to give members a practical explanation of the changes and outline the fund’s preparations for implementation.
Benefits remain unchanged
NHP told members that their current benefits, selected benefit options, contributions and access to healthcare services remain unchanged as a result of the FIMA implementation.
The fund also outlined operational changes being introduced as part of its preparations, including the future responsibility for claims assessing.
NHP said it would continue providing members with information as implementation progresses, with the aim of ensuring that members understand how the regulatory changes affect them.
The information session also gave members an opportunity to ask questions directly to NHP representatives and seek clarification on issues relating to FIMA.
The Act forms part of broader changes to Namibia’s financial-sector regulatory framework and introduces new requirements intended to strengthen oversight of financial institutions and protect consumers and members.
