SINT MAARTEN (GREAT BAY) - Social & Health Insurances SZV has received a clean audit opinion for its 2024 financial statements, continuing its strong track record in financial reporting. For the fourth consecutive year, the unqualified opinion was issued by the Stichting Overheidsaccountantsbureau (SOAB), the government audit bureau, and confirms that SZV’s financial reporting is accurate, complete, and compliant with applicable standards.
“This achievement reflects a sustained team effort,” said Elton Felisie, SZV’s Chief Financial Officer. “We’ve strengthened not only our reporting processes but also internal collaboration and cooperation with external partners.”
While SZV posted a positive financial result in 2024, the surplus was largely driven by non-structural factors. The underlying financial condition of the healthcare funds remains fragile, highlighting the ongoing need for systemic reform to ensure long-term sustainability.
Despite improvements in financial reporting quality, the audit again issued an adverse opinion on the financial compliance of the healthcare funds. Persistent issues remain unresolved, including:
- Medical referrals abroad that fall outside the legal scope of the ZV fund;
- Insurance coverage for elderly residents beyond the statutory pensionable age;
- Insufficient legal reserves in the ZV and OV funds, which remain below the required 50% of average expenses over the last five years.
“We are fully aware of the financial challenges facing the ZV, OV, and FZOG funds,” said Glen A. Carty, Director of SZV. “Legislative reform is essential, and we remain committed to working closely with government stakeholders to address these structural issues while continuing to serve the public.”
Minister of Public Health, Social Development and Labor, Richinel Brug, commented: “I’m proud of the SZV team for achieving a clean audit for the fourth year in a row. It reflects their commitment to accountability and transparency. The concerns highlighted in the audit are being taken seriously, and health financing reform remains a top priority for the Ministry—with SZV playing a key role in that effort.”
In 2024, SZV advanced several internal transformation initiatives focused on operational efficiency, stronger internal controls, and improved reporting. These efforts reinforce SZV’s dedication to sound financial management and public accountability.
The condensed 2024 financial statements will be published on SZV’s website, www.szv.sx, in the coming weeks.
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