Records to be kept by MDO or insurer

(1)

An MDO or insurer that applies for an indemnity scheme payment must keep records that are relevant to the following matters:

(a)

the payability of the indemnity scheme payment to the MDO or insurer;

(b)

the amount of the indemnity scheme payment payable to the MDO or insurer;

(c)

any amount paid to the MDO or insurer that results in the MDO or insurer being liable to repay an amount under section 24;

(d)

any other matter determined by the HIC.

Note: Failure to keep the records is an offence (see section 47).

Records to be retained for certain period

(2)

The records must be retained for a period of 5 years (or any other period prescribed by the regulations) starting on the later of:

(a)

the day on which the records were created; or

(b)

the day on which this Act commences.

Note: Failure to retain the records is an offence (see section 47).

Determination of additional matters to be gazetted

(3)

A determination by the HIC under paragraph (1)(d) must:

(a)

be published in the Gazette ; and

(b)

not take effect earlier than 14 days after the day on which it is published in the Gazette .

Retrospective effect not intended

(4)

Nothing in this section is to be taken to have required a person to do an act or thing before the commencement of this Act.