Storm brews in SA’s medical malpractice insurance market
Local medical malpractice insurers are unhappy that the UK-based Medical Protection Society is allowed to operate in SA without being a licensed financial services provider
A potential storm is brewing in SA’s medical malpractice insurance market. Local providers of medical malpractice insurance are unhappy that the biggest provider to the domestic medical fraternity, the UK-based Medical Protection Society (MPS), is not a licensed financial service provider in SA. That means it doesn’t have to comply with local capital requirements, policy protection rules or ombudsman regulations.
Local insurers say this gives MPS an unfair advantage in SA where, for more than 60 years, it has been providing professional indemnity cover...