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This is a Bill, not an Act. For current law, see the Acts databases.
PARLIAMENT OF VICTORIA
Victorian Managed Insurance Authority
(Amendment) Act 2001
Act No.
TABLE OF PROVISIONS
Clause Page
PART 1--PRELIMINARY 1
1. Purpose 1
2. Commencement 2
PART 2--VICTORIAN MANAGED INSURANCE AUTHORITY
ACT 1996 3
3. Definitions 3
4. New section 3A inserted 4
3A. Controlling interest 4
5. New section 4 substituted and section 4A inserted 4
4. Declaration of participating bodies 4
4A. Declaration that a body ceases to be a participating body 5
6. New sections 23 and 24 substituted 5
23. Asset registers and risk management strategies 6
24. Insurance 7
7. Indemnities 8
8. Statute law revision 8
PART 3--FINANCIAL MANAGEMENT ACT 1994 10
9. New section 44B inserted 10
44B. Asset registers and risk management strategies 10
ENDNOTES 11
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PARLIAMENT OF VICTORIA
Initiated in Assembly 2 May 2001
A BILL
to amend the Victorian Managed Insurance Authority Act 1996
and the Financial Management Act 1994 with respect to insurance
and risk management in the Victorian public sector and for other
purposes.
Victorian Managed Insurance Authority
(Amendment) Act 2001
The Parliament of Victoria enacts as follows:
PART 1--PRELIMINARY
1. Purpose
The purpose of this Act is to amend the Victorian
Managed Insurance Authority Act 1996 and the
5 Financial Management Act 1994 with respect to
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Victorian Managed Insurance Authority (Amendment) Act 2001
s. 2
Act No.
insurance and risk management in the Victorian
public sector.
2. Commencement
This Act comes into operation on the day after the
5 day on which it receives the Royal Assent.
_______________
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Victorian Managed Insurance Authority (Amendment) Act 2001
s. 3
Act No.
PART 2--VICTORIAN MANAGED INSURANCE
AUTHORITY ACT 1996
See: 3. Definitions
Act No.
11/1996.
In section 3 of the Victorian Managed Insurance
Reprint No. 1
5 Authority Act 1996--
as at
16 September
(a) after the definition of "Board" insert--
1999.
LawToday:
www.dms. ' "controlling interest" has the meaning
dpc.vic.
given in section 3A;';
gov.au
(b) for the definition of "participating body"
10 substitute--
' "participating body" means, subject to
section 4A--
(a) a body that was a participating
body for the purposes of this Act
15 immediately before the
commencement of section 3 of the
Victorian Managed Insurance
Authority (Amendment) Act
2001; or
20 (b) a statutory authority that in the
current or any previous financial
year has received more than 50%
of its funding from the
Consolidated Fund; or
25 (c) a body corporate (other than a
statutory authority)--
(i) that in the current or any
previous financial year has
received more than 50% of
30 its funding from the
Consolidated Fund; and
(ii) in which the State has a
controlling interest;
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Victorian Managed Insurance Authority (Amendment) Act 2001
s. 4
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(d) a person or body declared under
section 4 to be a participating
body for the purposes of this Act;'.
4. New section 3A inserted
5 After section 3 of the Victorian Managed
Insurance Authority Act 1996 insert--
"3A. Controlling interest
For the purposes of this Act, the State has a
controlling interest in a body if--
10 (a) at least 50% of the shares in the body
are held by, or on behalf of, the State or
a statutory authority; or
(b) at least 50% of the directors (by
whatever name called) of the body are
15 appointed by, or at the direction of, the
State or a statutory authority.".
5. New section 4 substituted and section 4A inserted
For section 4 of the Victorian Managed
Insurance Authority Act 1996 substitute--
20 '4. Declaration of participating bodies
(1) The Minister, by notice published in the
Government Gazette, may declare any of the
following to be a participating body for the
purposes of this Act--
25 (a) a department of the Parliament;
(b) a statutory authority (other than a
statutory authority referred to in
paragraph (b) of the definition of
"participating body" in section 3);
30 (c) a body corporate in which the State has
a controlling interest (other than a body
corporate referred to in paragraph (c) of
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Victorian Managed Insurance Authority (Amendment) Act 2001
s. 6
4A
Act No.
the definition of "participating body" in
section 3).
(2) The Minister may declare a department of
the Parliament to be a participating body
5 only with the agreement of the President of
the Legislative Council and the Speaker of
the Legislative Assembly.
(3) The Minister may declare a statutory
authority referred to in sub-section (1)(b) or
10 a body corporate referred to in sub-section
(1)(c) to be a participating body only if, after
consultation with the Board and the board of
management of the statutory authority or
body corporate, the Minister is satisfied that
15 it is expedient to do so.
(4) The Minister, by notice published in the
Government Gazette, may at any time revoke
a declaration made under sub-section (1).
4A. Declaration that a body ceases to be a
20 participating body
The Minister, by notice published in the
Government Gazette, may declare that a
body referred to in paragraph (b) or (c) of the
definition of "participating body" in section
25 3 ceases to be a participating body from the
date specified in the notice.'.
6. New sections 23 and 24 substituted
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Act No.
For sections 23 and 24 of the Victorian Managed
Insurance Authority Act 1996 substitute--
"23. Asset registers and risk management
strategies
5 (1) A department or participating body that is
not a department or public body within the
meaning of the Financial Management Act
1994 must--
(a) maintain a register of assets held or
10 managed by it; and
(b) develop, implement and keep under
review a risk management strategy.
Note: Section 44B of the Financial Management
Act 1994 requires a department or public body
15 within the meaning of that Act to maintain a
register of assets and develop, implement and
keep under review a risk management strategy.
(2) The register of assets is to be in the form,
and contain the information, determined by
20 the Authority.
(3) Each department and participating body
must give the Authority, at the intervals
determined by the Authority--
(a) a copy of its register of assets and risk
25 management strategy under this section
or section 44B of the Financial
Management Act 1994 (as the case
may be) or an extract from the register
of assets and risk management strategy
30 in the form, and containing the
information, required by the Authority;
and
(b) a report on the implementation of its
risk management strategy.
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(4) As soon as practicable after receiving a copy
of a register of assets or risk management
strategy or a report under sub-section (3), the
Authority must report to the Minister and the
5 department or participating body that gave
the copy or report to the Authority, on the
adequacy of the register of assets, risk
management strategy or report.
24. Insurance
10 (1) Except as otherwise provided by this section,
a department or participating body must--
(a) arrange its insurance with the
Authority; and
(b) pay the premiums determined by the
15 Authority with the approval of the
Minister at the times determined by the
Authority with the approval of the
Minister.
(2) Nothing in this section affects the application
20 of the Accident Compensation Act 1985 or
the Transport Accident Act 1986 to a
department or participating body.
(3) The Minister may direct the Authority in
writing not to provide insurance of a kind
25 specified in the direction to a department or
participating body, or class of departments or
participating bodies, specified in the
direction.
(4) The Minister, after consultation with the
30 Board, may exempt a department or
participating body from any requirement of
sub-section (1).
(5) The Authority may provide insurance to a
department or participating body jointly or
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by arrangement with any other department or
participating body.".
7. Indemnities
In section 25 of the Victorian Managed
5 Insurance Authority Act 1996--
(a) in sub-section (1), after "statutory authority"
insert "(other than the Authority)";
(b) in sub-section (2), for the definition of
"officer" substitute--
10 ' "officer", in relation to a State company or
statutory authority, means--
(a) a director or member of the board
of management of the company or
authority; or
15 (b) a secretary, executive officer or
other person concerned in, or who
takes part in, the management of
the company or authority; or
(c) in the case of a statutory authority
20 that does not have a board of
management--a member of the
authority;'.
8. Statute law revision
In the Victorian Managed Insurance Authority
25 Act 1996--
(a) in section 5(3), before "seal" insert
"official";
(b) in section 18(3)(a), omit "of Directors";
(c) insert the following heading to section 19--
30 "Corporate plans";
(d) in section 19, for "strategic plan" substitute
"corporate plan";
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(e) in section 27(3), for "Corporation"
substitute "Authority".
_______________
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s. 9
Act No.
PART 3--FINANCIAL MANAGEMENT ACT 1994
See:
9. New section 44B inserted Act No.
18/1994.
After section 44A of the Financial Management Reprint No. 4
Act 1994 insert-- as at
19 April 2000.
5 "44B. Asset registers and risk management LawToday:
www.dms.
strategies dpc.vic.
gov.au
(1) A department or public body must--
(a) maintain a register of assets held or
managed by it; and
10 (b) develop, implement and keep under
review a risk management strategy.
(2) The register of assets is to be in the form,
and contain the information, determined by
the Minister after consultation with the
15 Victorian Managed Insurance Authority.".
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Victorian Managed Insurance Authority (Amendment) Act 2001
Endnotes
Act No.
ENDNOTES
By Authority. Government Printer for the State of Victoria.
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