Regulatory Alerts2017-08-24
Added · Updated
PI-MAF-DIR-03-2017 – Late and Non-payment of Medical Aid Fund Contributions
The Registrar directs Trustees of all registered Medical Aid Funds to ensure contributions are paid timeously and to actively collect arrear contributions, including any applicable interest. Trustees must inform the Registrar on the 15th day of every month, starting 25 August 2017, regarding any late or non-payment of contributions. Additionally, Trustees are required to inform relevant members of any late or non-payment of their contributions within two months from the date the contribution became due. Failure to fulfill these fiduciary duties may result in personal liability for damages suffered by the Fund or its members.
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