It is expected that the "statutory corporation" status of Vhi Healthcare will soon be changed to prepare it for more vigorous competition as it is often accused of being a virtual monopoly on private healthcare. While the privatisation of the company is not believed to be imminent, it was reported in the company's 2004 Annual Report that the Minister for Health would change the status of the board into a limited company owned by the state. The Voluntary Health Insurance (Amendment) Act 2008, allows the Board to transfer its health insurance functions to a wholly owned subsidiary which will be a private company limited by shares. However, it does not dissolve the Board itself, which will become a holding company. It also requires the health insurance company to achieve the level of reserves that any other authorised insurer is required to have, something it was previously exempt from.