The Namibia Health Plan (NHP) has reassured its members that their medical aid benefits and contributions will not be affected by the implementation of the Financial Institutions and Markets Act (FIMA). On 9 September, the fund held an online information session for its members, themed “Let’s Talk FIMA: Understanding What FIMA Means for You as an NHP Member”. The session aimed to explain the new regulatory framework and its implications for members.
The Financial Institutions and Markets Act (FIMA) introduces strengthened requirements for the governance, accountability, transparency, and financial soundness of medical aid funds. According to NHP Principal Officer Dantago Garosas, the session was intended to provide members with verified information directly from the fund. This allowed members to ask questions, seek clarity, and address concerns or misconceptions surrounding FIMA's implementation.
A key message from the session was that members would not immediately see changes to their existing medical aid arrangements. Garosas stated that NHP reassured members that their current benefits, chosen benefit options, contributions, and access to healthcare services remain unchanged. However, FIMA's implementation will bring operational and governance changes within the fund, including changes concerning responsibility for claims assessing.
The NHP board of trustees chairperson, Taimi Iileka-Amupanda, explained that FIMA would change how financial institutions, including medical aid funds, are governed and monitored. In practical terms, FIMA changes and strengthens how financial institutions are governed, managed, monitored, and held accountable. Iileka-Amupanda stressed that FIMA should not be viewed merely as an administrative change.
Iileka-Amupanda further explained that NHP would have to align its governance arrangements, policies, processes, systems, and responsibilities with the requirements of the new regulatory framework. For members, the importance of FIMA lies in its focus on responsible fund management, greater transparency, access to information, fair treatment, and stronger protection of member interests.
Garosas said that FIMA's implementation means stronger oversight and governance within the medical aid environment for NHP members. There will be increased attention to the long-term sustainability of medical aid funds and the interests of beneficiaries. Communication with members would remain a priority throughout the implementation process.
The information session also provided an update on NHP’s preparedness and implementation journey, including the operational changes expected to take place. Garosas emphasized the importance of direct engagement with members to prevent uncertainty as the regulatory changes take effect. The fund will continue to provide verified information and updates to members as its FIMA implementation progresses.
Key points
- NHP members' medical aid benefits and contributions will remain unchanged despite FIMA's implementation.
- FIMA introduces strengthened requirements for the governance, accountability, transparency, and financial soundness of medical aid funds.
- NHP prioritizes communication with members throughout FIMA's implementation process.
