Medical aid societies will soon be regulated by Government following a resolve by Cabinet to establish a medical aid societies’ regulatory authority.
The new regulatory body will fall under the purview of the Ministry of Health and Child Care.
The move is expected to exclude medical aid societies from the Insurance and Pensions Commission Bill.
Addressing the media during a Post-Cabinet briefing on Tuesday, Information, Publicity and Broadcasting Services Minister Monica Mutsvangwa said it was best international practice for medical aid societies to be regulated by independent authorities with expertise in the health industry.
“Cabinet noted that since medical aid societies are not for profit enterprises and represent members’ efforts to pool funds to assist in covering health bills and expenses, it is best international practice for such entities to be regulated by independent authorities with expertise to deal with the complex and peculiar aspects of the medical industry and should be under the oversight of the Ministry of Health and Child Care,” she said.
“Accordingly, Cabinet approved that medical aid be separated from general insurance, that is, exclusion of medical aid societies from the Insurance and Pensions Commission Bill,” said Minister Mutsvangwa.