Sidvokodvo – Eswatini is edging closer to introducing dedicated legislation for the regulation of medical aid schemes, as the Ministry of Finance finalizes a long-awaited bill aimed at strengthening oversight and protecting consumers.
In an interview with local journalists during a media engagement at Nkonyeni Golf Estate yesterday, Financial Services Regulatory Authority (FSRA) Chief Executive Officer Ncamiso Ntshalintshali revealed that the proposed law is now at an advanced stage, with a draft bill already produced and circulated for stakeholder input. The legislation is expected to be tabled before Parliament and reviewed by the Attorney General in the coming stages.
Ntshalintshali said the move follows growing concern from consumers in recent years regarding the governance and operations of medical aid schemes, particularly Eswatini Med, one of the country’s largest providers.
“What the legislation seeks to do is to ensure that there is primary law guiding the operations, conduct and prudential aspects of medical aid schemes in Eswatini,” he said.
The financial regulator has, in the interim stepped up its supervisory role, placing Eswatini Med under closer regulatory scrutiny while engaging with its management to better understand its operational model. Ntshalintshali noted that medical aid schemes operate differently from traditional insurers, particularly under what he described as a “solidarity model,” which requires a more tailored regulatory approach.
“We are ensuring that our oversight aligns with the nature of the model so that medical aid schemes are not treated the same way as health insurers where the frameworks differ,” he explained.
He added that engagements between the regulator and Eswatini Med have already yielded progress, particularly in improving compliance with reporting requirements and strengthening communication channels.
Going forward, the regulator expects more structured and frequent interactions with the fund, including clearer timelines for information submission and regulatory guidance.
The forthcoming legislation is anticipated to bring clarity to the sector, establish formal governance standards, and enhance financial stability safeguards for medical aid providers.
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