The Registrar of Medical Schemes has re-instated Resolution Health`s solvency position, according to a statement released by the scheme.
Resolution Health said that Patrick Masobe, the registrar and chief executive of the Council for Medical Schemes, reviewed its calculations and agreed with their accounting methodology and interpretations. This means that Resolution Health shows a positive statutory solvency level of 14.47 percent, which is above the required level for this year.
In the year 2000 annual report, released by the council in September this year, Resolution`s solvency level was set at 30.64 percent. Resolution says the new level will be noted in the report.
Solvency levels reflect the amount of reserves a scheme has as a percentage of members` contributions. Schemes had to have a solvency level of 10 percent this year, 13.5 percent by the end of the year and 25 percent by 2004.
Jannie Kotze, the chairman of Resolution Health, says he backs the principles established by the registrar and would like to liase with him on a regular basis to clear up any possible misunderstandings, and to discuss certain tendencies in the industry.
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