Private Health Insurance (Insurer Obligations) Amendment Rule 2013 (No. 1) (Cth)

Private Health Insurance (Insurer Obligations) Amendment Rule 2013 (No. 1)1

Private Health Insurance Act 2007

The Private Health Insurance Administration Council makes the following rule under section 333-25 of the Private Health Insurance Act 2007.

Dated 6 September 2013

LYNN RALPH

Commissioner of Private Health Insurance Administration

1Name of rule

This rule is the Private Health Insurance (Insurer Obligations) Amendment Rule 2013 (No. 1) .

2Commencement

Each provision of this rule specified in column 1 of the table commences in accordance with column 2 of the table.

Commencement information
Column 1	Column 2
Provision(s)	Commencement
1	Sections 1 to 3 and anything in this regulation not elsewhere covered by this table	The day after this rule is registered
2	Schedule 1 Items [1] to [4];	31 March 2014

3Authority

This rule is made under the Private Health Insurance Act 2007.

4Schedule(s)

The Private Health Insurance (Insurer Obligations) Rules 2009 are amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this instrument has effect according to its terms.

Schedule 1 — Amendments

[1]Part 1, Preliminary, Rule 4 Definitions, after the definition of related person;

insert

“stress test amountof a health benefits fund, has the meaning given by subclause 10 (1) of Schedule 3 of the Private Health Insurance (Health Benefits Fund Administration) Rules 2007.”

[2]Part 2, Reporting and notification requirements, Rule 6 Information to be given to the Council

Repeal the section.

[3]Part 2, Reporting and notification requirements, Rule 7 Certification requirements

Repeal the section.

[4]Schedule 2 Appointed Actuary Standard, Part 2 Duties and powers of appointed actuaries, subrule 7 (2) (c)

repeal

“(c) the assessment of the reasonableness of any discretionary margin adopted by the insurer for the purpose of assessing the capital adequacy of a fund; and”

substitute

“(c) the assessment of the reasonableness of the amount of uncertainty allowed for by the insurer in calculating the stress test amount in the capital adequacy standard; and”

Note

1. All legislative instruments and compilations are registered on the Federal Register of Legislative Instruments kept under the Legislative Instruments Act 2003