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This is a Bill, not an Act. For current law, see the Acts databases.
Medical Indemnity (Prudential Supervision and Product Standards)
(Consequential Amendments) Bill 2002
First Reading
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2002
The Parliament of the
Commonwealth of Australia
HOUSE OF REPRESENTATIVES
Presented and read a first
time
Medical Indemnity (Prudential Supervision
and Product Standards) (Consequential Amendments) Bill 2002
No. , 2002
(Treasury)
A Bill for an Act to make amendments consequential on the Medical
Indemnity (Prudential Supervision and Product Standards) Act 2002, and for
related purposes
Contents
A Bill for an Act to make amendments consequential on the
Medical Indemnity (Prudential Supervision and Product Standards) Act
2002, and for related purposes
The Parliament of Australia enacts:
1 Short title
This Act may be cited as the Medical Indemnity (Prudential Supervision and
Product Standards) (Consequential Amendments) Act 2002.
2 Commencement
This Act commences, or is taken to have commenced, on 1 July
2003.
3 Schedule(s)
Each Act that is specified in a Schedule to this Act is amended or repealed as
set out in the applicable items in the Schedule concerned, and any other item in
a Schedule to this Act has effect according to its terms.
Schedule 1Consequential amendments
Australian Prudential Regulation Authority Act
1998
1 Subsection 56(1) (after paragraph (f)
of the definition of Act covered by this section)
Insert:
(fa) the Medical Indemnity
(Prudential Supervision and Product Standards) Act 2002;
Financial Sector (Collection of Data) Act
2001
Repeal the subsection, substitute:
(2) A financial sector
entity is:
(a) a registered entity;
or
(b) a regulated entity;
or
(c) a corporation to which
section 5A applies.
3 After section 5
Insert:
5A Medical indemnity entities
This section applies to a corporation at a particular time if:
(a) the corporation is a financial
corporation formed within the limits of Australia; and
(b) an arrangement under which
medical indemnity cover is provided for a health care professional was entered
into before 1 July 2003; and
(c) the arrangement was not
effected by means of a contract of insurance; and
(d) the corporation may pay, or
may have to pay, an amount under the arrangement at some time after that
time.
Expressions used in paragraph (b) have the same meaning as they have
in the Medical Indemnity (Prudential Supervision and Product Standards) Act
2002.
Insert:
(3A) Without limiting the
circumstances in which APRA may refuse an application, APRA must refuse an
application if:
(a) an arrangement under which
medical indemnity cover is provided for a health care professional was entered
into before 1 July 2003; and
(b) the arrangement was not
effected by means of a contract of insurance; and
(c) the applicant may pay, or may
have to pay, an amount under the arrangement at some time after the time when
the application is made.
Expressions used in paragraph (a) have the same meaning as they have
in the Medical Indemnity (Prudential Supervision and Product Standards) Act
2002.
Note 1: This means that an applicant that is an MDO (medical defence
organisation) that entered into discretionary medical indemnity arrangements
before 1 July 2003 cannot be granted an authorisation under this section
while amounts remain potentially payable by the applicant under those
arrangements.
Note 2: All medical indemnity arrangements (arrangements under which
medical indemnity cover is provided for health care professionals) that are
entered into, come into effect or are renewed on or after 1 July 2003 must
be by way of contracts of insurance (see section 10 of the Medical
Indemnity (Prudential Supervision and Product Standards) Act
2002).
5 Subsection 115(1)
Omit this Act, substitute the relevant legislation.
6 After subsection 115(1)
Insert:
(1A) In
subsection (1):
relevant legislation means:
(a) this Act; or
(b) Part 2 of the Medical
Indemnity (Prudential Supervision and Product Standards) Act 2002.
7 Subsection 115A(1)
Omit this Act or the Financial Sector (Collection of Data) Act 2001,
substitute the relevant legislation.
8 Paragraph 115A(2)(a)
Omit this Act or the Financial Sector (Collection of Data) Act 2001,
substitute the relevant legislation.
9 Subparagraph 115A(3)(a)(i)
Omit this Act or the Financial Sector (Collection of Data) Act 2001,
substitute the relevant legislation.
10 Paragraph 115A(3)(b)
Omit this Act, substitute the relevant legislation.
11 Subsection 115A(6)
Repeal the subsection, substitute:
(5) In this section:
authorized person means APRA or a person authorized by APRA,
in writing, for the purposes of this section.
relevant legislation means:
(a) this Act; or
(b) the Financial Sector
(Collection of Data) Act 2001; or
(c) Part 2 of the Medical
Indemnity (Prudential Supervision and Product Standards) Act 2002.
Insert:
11AAA Definition
In this Part, unless the contrary intention appears:
relevant legislation means:
(a) this Act; or
(b) Part 3 of the Medical
Indemnity (Prudential Supervision and Product Standards) Act 2002.
13 Section 11B
Omit this Act, substitute the relevant legislation.
14 Section 11B
Omit the Act (wherever occurring), substitute the relevant
legislation.
15 Subsection 11C(1)
Omit this Act, substitute the relevant legislation.
16 Subsection 11D(1)
Omit this Act, substitute the relevant legislation.
17 Paragraph 11E(a)
Omit this Act, substitute the relevant legislation.
Note: The heading to section 11E is altered by omitting
Act and substituting relevant legislation.
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