Circular 30 of 2024: Financial Annual Statutory Returns for the financial year ended 31 December 2023
The Council for Medical Schemes (CMS) has finalised the 2023 Financial Annual Statutory Return online system, which is now available on this link.
Important to note is that the Print facility will only be activated at a later stage therefore schemes will be unable to generate draft or final documents before then. Communication will be sent once the facility becomes available. The blank word document can be accessed here.
Please note that the deadlines for the electronic submission of the 2023 Annual Statutory Return are as follows:
- Part 1 changes must be finalised by 26 July 2024.
- Electronically signed submission of the Annual Statutory Return via the statutory return portal must occur by 23 August 2024.
Submission requirements
In terms of Section 37 of the Medical Schemes Act 131 of 1998 (the Act), the following electronically signed documentation must be submitted to the Office of the Registrar to ensure a complete submission:
- 2023 Annual Statutory Return signed via the SignFlow process
- Part 11 submission:
- Signed financial statements
- Board of Trustees’ Report
- 2023 audited financial statements
- Auditor’s report on the financial statements
CMS requires the auditor’s report on the AFS to be on the auditor’s letterhead
- ISA 800 and ISRE 2410 auditor report
- ISAE 3000 auditor report
- The auditor’s management report to the Board of Trustees on the 2023 audit findings
This report should include housekeeping issues for the Board of Trustees’ attention
- The letter of comfort from the administrator and co-administrator (where applicable)
- Signflow signatories
Documents supporting changes to signatories (such as a copy of the signed Board of Trustee resolution or extract of the Scheme Rules) should accompany the Annual Statutory Return submission (where applicable)
Please refer to the paragraph below on Signatories for more information as to the requirements.
- Annexure B
- Reconciliation between detailed third-party investment schedules and data captured per part 9(a)
- Please also refer to Circular 7 of 2005 in this regard.
- It is envisaged that an accurate and complete Part 9B would in future replace this submission requirement.
- Detailed third party investment schedules
- Supporting documentation for any reclassification of Annexure B instruments (if applicable)
- Declaration of conflicts of interest from asset managers
- Reconciliation between detailed third-party investment schedules and data captured per part 9(a)
The deadline for the electronic submission of all these documents is 23 August 2024.
Download the full Circular here