Medical Schemes Act, 1998 (Act No. 131 of 1998)RegulationsRegulations in terms of the Medical Schemes ActAnnexuresAnnexure D : Management Representation Letter template |
(For completion on letterhead of Administrator)
Management representation letter to the Registrar of Medical Schemes in compliance with Regulation 25 under the Medical Schemes Act, 1998
This representation letter is provided in connection with the financial statements of ...................... (name of the administrator) for the year ended ...................... ......(date) to enable the Registrar to evaluate whether or not ................................... (name of the administrator) has complied with the Medical Schemes Act and related regulations.
We confirm, to the best of our knowledge and belief, the following representations:
| (1) | We had .... (quantity) registered funds under our administration at the year-end. |
| (2) | The fidelity guarantee and professional indemnity insurance cover is adequate to cover the risks of losses due to fraud, dishonesty and negligence. |
| (3) | We deposited the moneys of the medical schemes under our administration in the bank accounts of the schemes on no later than the business day following the receipt of the schemes’ moneys. |
| (4) | No changes in ownership, directors, members or shareholders having the effect of a de facto change of control took place during the year ended .... (date), without the approval of the Registrar. |
| (5) | Administration agreements entered into with medical schemes during the year ended .... are in writing and conform to regulation 18. |
| (6) | The following administration agreements were terminated during the year ended .... (date) and in respect of them, regulation 19 have been complied with: |
| (7) | For the year ended .... , we have maintained a register of documents of title in our safe custody as contemplated in regulation 24. Furthermore, all these assets are held in the names of the respective medical schemes. |
| (8) | We conducted the business in terms of the Act, the regulations, the agreements with medical schemes and the rules of these medical schemes. |
| (9) | The administration business is maintained in a financially sound condition as contemplated in regulation 22. |
| (10) | The system of internal control is adequate for the size and complexity of the business. |
| (11) | We believe that the business will continue in operational existence for the foreseeable future. |
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Managing Director
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Financial Director