ORACLE INSURE TRANSFERS HEALTH BOOK TO MEDSCHEME

MBABANE - Oracle Insure Eswatini has announced its intention to transfer the health book to Medscheme Health Insurance Eswatini, under an Oracle Health Product.

According to the public notice issued by Oracle Insure Eswatini, the date of the proposed transfer is intended to be effective 1st October 2023. The insurance provided pointed out that there were several things that will not change and those were that clients would continue to work with the same people they have worked with in the past. “All our people are being retained in their current roles,” read the notice. The company further stated that their fee structure would not be modified. The company assured company that it would maintain the services we have provided to you in the past, as well as continue to operate from our current offices.  All contact information will remain the same. It was further stated that there would be no migration or change in client records which were well managed and maintained. The company said it would be conducting annual KYC projects to keep client data up to date.

Manner

“We assure you that the transfer is being conducted in a highly organised manner ensuring no client data is compromised,” read the notice. Any person who has reasonable ground to believe that he or she would be adversely affected by the transfer was requested to make written representation to the Financial Service Regulatory Authority (FSRA) stating reasons thereof within 30 days from the publication of this notice and/or contact Oracle Insure at +268 2411 7500, email oraclehealth@oraclesz.com, or visit our offices at Lot 219, Somhlolo Road, Mbabane. In 2021, Oracle Insure announced the acquisition of Medscheme Holdings Limited’s 75 per cent shareholding in Medscheme Eswatini. This acquisition effectively meant that Medscheme Eswatini is owned by both Eswatini National Provident Fund (ENPF) and Oracle Insure Eswatini.

The Eswatini Competition Commission  has also approved the acquisition of 75 per cent shares held in Medscheme Holdings (Pty) Ltd by Oracle Insure Eswatini Limited. In the Commission’s last quarter report for 2020/21, the target firm it was disclosed that it was MH shares held in MAE and MHIE. MH was selling its shares to Oracle its address is 37 Conrad Street, Florida North, Roodepoort 1709, South Africa. MH is involved in the business of health management service provision and medical aid administration of medical schemes in South Africa, Eswatini, Namibia and Mauritius. The ultimate controller of MH is Afrocentric Health (RF) (Pty) Ltd. The commission considered the products of the firms and concluded that the relevant market was the provision of private healthcare cover in Eswatini. “There are overlaps in the activities of Medscheme and Oracle Insure in the relevant market. However, the transaction was categorised as a phase one merger because the overlaps in the relevant market between the merging firms are below 15 per cent,” ruled the commission.

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