Changes to the Financial Sector regulatory environment and its impact on medical schemes  

There is nothing stopping schemes from applying for exemption from the provision of prescribed minimum benefits and offering low cost products, and yet few have done it.  In addition, medical schemes are affected by regulatory changes in the financial sector. Join us for this seminar that will focus on these issues. 

Date: 28 June 2019 from 08:30 for 09:00 to 11:30. 

Presentations:

09:00 to 09:45 - Comparison between medical schemes and health insurance primary care plus policies

With a stagnation of medical scheme growth we have seen a proliferation in health insurance products. Richard Blackman, CEO Day1Health, will give us a comparison between medical schemes and the health insurance products. His presentation will include:

  • The benefits covered by the health insurance products
  • Dual regulation of the products by the Council for Medical Schemes and the Financial Sector Conduct Authority
  • The exemption framework
  • Growth in membership of the insurance policies versus medical schemes

 09:45 to 10:30: Impact of the COFI Bill on medical schemes and administrators

Debbie Pearmain will present on the changes proposed in the COFI (Conduct of Financial Institutions) Bill as they impact on medical schemes and administrators

The COFI Bill is aimed at making changes for better regulation and improved financial sector conduct. This is major proposed new legislation that will impact every aspect of the medical schemes industry.

The Bill is expected to expected to be signed into law during 2019.  This legislation, which is informed by the ‘Treating Customers Fairly’ principles, streamlines all current market conduct legislation and will therefore have an impact on medical schemes and administrators. It is important to note that this Act will not only apply to brokers selling medical scheme products but will apply to medical schemes and administrators as well, through its licensing framework which makes provisions for licensing of these entities. Discussions regarding the timing for licensing and future regulation of medical schemes and medical scheme administrators are underway. The COFI Act will depart from traditional legislation in that it will focus more on achieving outcomes, i.e. the spirit of the law, rather than a tick-box approach to compliance.

Don’t miss our upcoming seminar

For registration  Download and complete this form and email it to info@ihrm.co.za

Venue : Glenhove Conference and Training Centre, 52 Glenhove Road, Melrose Estate, Johannesburg.

CPD points/hours for brokers - 2 

We look forward to seeing you there!

Date: 5/30/2019

Date: 6/28/2019