NBFIRA: Half of medical aids defaulted in 2017

Friday, January 26, 2018

Eye on the ball: NBFIRA CEO, Oaitse Ramasedi

The Non-Bank Financial Institutions Regulatory Authority (NBFIRA) continues to experience challenges in holding medical aid schemes to account, as only half of the 10 registered ones submitted their financial statements last year.

“This reflects a serious challenge when reporting about the sector, as the authority has to exercise oversight over the financial soundness of medical schemes to ensure the protection of the members,” NBFIRA said in its recently released 2017 Annual Report.

Under NBFIRA regulations, medical aid schemes are required to submit audited financials to the authority no later than four months following their year-ends.

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