Medical schemes regulator considers umbrella fund

02 April 2019 - 17:35The Council for Medical Schemes is considering introducing an umbrella fund to help small restricted schemes pool their resources to try and make membership more affordable.

It has since softened its position. In a discussion document released at the weekend, the CMS said the size of a scheme alone was “not the most objective and justifiable measure” to determine which schemes should be prioritised for consolidation. The council said it planned to do further research to identify which schemes could be amalgamated, and the effect this would have on administrators.

Many small restricted schemes did not want to lose their identity in mergers with large open schemes, but saw potential benefits in merging their risk pools, Percept CEO Shivani Ranchod said on Tuesday.

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