Medical Schemes Act, 1998 (Act No. 131 of 1998)
Regulations in terms of the Medical Schemes Act
Chapter 6 : Administrators of medical schemes
23. Depositing of medical scheme moneys
|1)||An administrator must deposit any medical scheme moneys under administration, not later than the business day following the date of receipt thereof, into a bank account opened in the name of the medical scheme.|
|2)||When medical scheme moneys, including contributions, are paid by means of electronic funds transfer, such moneys shall be deposited directly into a bank account opened in the name of the medical scheme.|
|3)||Moneys contemplated in subregulations (1) or (2) shall at no time be deposited in any bank account other than that of the medical scheme.|
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