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SUB CATEGORIES General  |  HIV |  Medical Schemes | 

Alexander Forbes: Comment on the proposed amendment of the regulations to the Short-term Insurance Act 1998, as amended

25 April 2012 Anthea Towert, Head - Scheme Consulting, Technical and Actuarial Consulting Solutions

Introduction

Alexander Forbes Health (Pty) Limited ("Alexander Forbes Health") is a wholly owned proprietary company of Alexander Forbes Financial Services Holdings (Pty) Ltd. Alexander Forbes Health is an authorised Financial Services Provider and is accredited with the Council for Medical Schemes ("CMS"). As a leading corporate healthcare consultancy in South Africa, Alexander Forbes Health delivers healthcare consulting advice and member support services to 490 corporate clients including 185,000 individual members, of which approximately 44,000 (24%) have voluntarily purchased gap cover products. Alexander Forbes Health also provides actuarial and technical consulting services to 11 restricted and 1 open medical scheme, covering 670,000 principal members in total.

Alexander Forbes Health welcomes the opportunity to provide a submission on the proposed amendment of the regulations to the Short-Term Insurance Act aimed at facilitating a clear demarcation between what constitutes health insurance business and what constitutes the business of a medical scheme. This demarcation is achieved by identifying certain categories of contracts as health policies to be excluded from the medical schemes regulatory environment and regulated under the Short-Term Insurance Act.

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