Tito Mboweni
NATIONAL NEWS - Finance Minister Tito Mboweni has published the Annual Policy Benefit Escalations regarding the Demarcation Regulations, regulated under section 72 of the Long-term Insurance Act and section 70 of the Short-term Insurance.
In a statement on Wednesday, the Treasury said the regulations specify which types of contracts are regulated under the Long-term Insurance Act (LTIA) and the Short-term Insurance Act (STIA) as health policies, and accident and health policies, respectively, and accordingly are excluded from the Medical Schemes Act.
“Regulation 7.2(2) of the Regulations provides that all amounts referred to in sub-regulation (1) escalate annually, from the effective date, by the consumer price index (CPI) annual inflation rate published by Statistics South Africa,” read the statement.