Regulatory Alerts2017-03-28
Medical Aid Funds Act 23 of 1995
The South African Parliament issued the Medical Aid Funds Act 23 of 1995 to establish a binding regulatory framework for the registration, governance, and financial prudence of medical aid societies. The legislation requires funds to maintain adequate reserves, adhere to strict reporting standards, and prioritize member benefits while operating under centralized oversight. Most recently updated in October 2024, the Act continues to enforce compliance mechanisms and adapt regulatory requirements to shifting healthcare delivery models.
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