Commonwealth Numbered Acts Commonwealth Numbered Acts(1) A private health insurer must at all times have at least one * health benefits fund in respect of:
(a) its * health insurance business; or
(b) its health insurance business and some or all of its * health‑related businesses.
(2) A private health insurer may have more than one * health benefits fund, but must not have more than one in respect of a particular * risk equalisation jurisdiction.
(3) Despite subsection (2), a private health insurer may have more than one * health benefits fund in respect of a particular * risk equalisation jurisdiction if:
(a) each of those funds; or
(b) each of those funds, other than one such fund which was established in connection with a restructure of funds under Division 146;
is a fund that existed at the time this Act commenced, and that, immediately before that commencement, was conducted by a registered organization (within the meaning of the National Health Act 1953 ).
(4) Despite subsection (2), a private health insurer may have more than one * health benefits fund in respect of a particular * risk equalisation jurisdiction in the circumstances specified in the Private Health Insurance (Health Benefits Fund Policy) Rules for the purposes of this subsection.