Commonwealth Consolidated Acts

MEDICAL INDEMNITY (PRUDENTIAL SUPERVISION AND PRODUCT STANDARDS) ACT 2003

TABLE OF PROVISIONS

           Long Title

   PART 1--INTRODUCTORY

           Division 1--Preliminary

   1.      Short title [see Note 1]  
   2.      Commencement  
   3.      Objects  

           Division 2--Interpretation

   4.      Definitions  
   5.      Providing medical indemnity cover  
   6.      Claims-made based cover and incident-occurring based cover  
   7.      When certain death, disability and retirement arrangements are taken to be entered into  
   7A.     Reasonableness of premiums  

           Division 3--Application of Act

   8.      Application of Act  
   9.      Act extends to external Territories  

   PART 2--PRUDENTIAL REQUIREMENTS FOR PROVISION OF MEDICAL INDEMNITY COVER

           Division 1--Provision of medical indemnity cover

   10.     Medical indemnity cover to be provided only by general insurers and only under contracts of insurance  
   11.     Intermediary's responsibilities  

           Division 2--Transitional arrangements

   12.     Effect of determination under subsection 13(3)  
   13.     APRA determination that minimum capital requirements do not apply  
   14.     Administrative review  
   15.     Application of section 115A of the Insurance Act 1973  

   PART 3--PRODUCT STANDARDS FOR MEDICAL INDEMNITY INSURANCE CONTRACTS

           Division 1--Minimum cover

   16.     Minimum cover amount  
   17.     Minimum cover for single claim  
   18.     Minimum annual cover--incident-occurring based cover  
   19.     Minimum annual cover--other cover  
   20.     Amount payable by insurer  

           Division 2--Offers to provide retroactive and run-off cover for otherwise uncovered prior incidents

              Subdivision A--Regulated insurance contracts

   21.     Regulated insurance contracts  

              Subdivision B--Insurer's responsibilities

   22.     Additional offer of retroactive cover when regulated insurance contract entered into, comes into effect or is renewed  
   23.     Additional offer of run-off cover when particular events happen during claims period for regulated insurance contract  
   24.     Complying offer  
   26.     Federal Court may order insurer to make offer  

           Division 2A--Provision of run-off cover to certain medical practitioners

   26A.    Provision of run-off cover to certain medical practitioners  
   26B.    Medical practitioners provided with medical indemnity cover by MDOs, but not adequate run-off cover  
   26C.    Provision of run-off in accordance with arrangements with MDOs  
   26D.    Notification and record-keeping  
   26E.    Run-off cover taken to be provided under contract of insurance  
   26F.    Federal Court may order insurer to provide run-off cover or MDO to enter into arrangement  
   26G.    Pecuniary penalties for offences against this Division  

           Division 3--Intermediary's responsibilities

   27.     Intermediary's responsibilities  

   PART 4--ADMINISTRATION

   28.     APRA to have general administration of Part 2  
   29.     APRA Act secrecy provisions apply  
   30.     ASIC to have general administration of Part 3  

   PART 5--MISCELLANEOUS

   31.     Anti-avoidance measures  
   32.     Act not to affect State and Territory laws  
   33.     Regulations