Medical Indemnity (Run-off Cover Support Payment) Regulations 2004

Medical Indemnity (Run-off Cover Support Payment) Regulations 2004

Statutory Rules 2004 No. 204 as amended

made under the

Medical Indemnity (Run-off Cover Support Payment) Act 2004

This compilation was prepared on 20 December 2005
taking into account amendments up to SLI 2005 No. 314

Prepared by the Office of Legislative Drafting and Publishing,
Attorney-General’s Department, Canberra

Contents

 1 Name of Regulations [see Note 1]

 2 Commencement 

 3 Definitions 

 4 Contribution year — AMIL 

 5 Amount of run-off cover support payment — AMIL 

 6 Amount of run-off cover support payment — other medical indemnity insurers             

 7 Amount by which premium income is reduced 

Notes   

1 Name of Regulations [see Note 1]

  These Regulations are the Medical Indemnity (Run-off Cover Support Payment) Regulations 2004.

2 Commencement

  These Regulations commence on 1 July 2004.

3 Definitions

  In these Regulations:

Act means the Medical Indemnity (Run-off Cover Support Payment) Act 2004.

AMIL means Australasian Medical Insurance Limited.

4 Contribution year — AMIL

  For paragraph 5 (1) (b) of the Act, each calendar year that starts on or after 1 January 2005 is a contribution year for AMIL.

5 Amount of run-off cover support payment — AMIL

 (1) This regulation applies only to AMIL.

 (2) For paragraph 6 (1) (b) of the Act, the period of 12 months ending on 30 November in the contribution year is specified.

 (3) For paragraph 6 (2) (b) of the Act, the percentage of 9.5625% is specified for the contribution years beginning on 1 January 2005, 1 January 2006, 1 January 2007 and 1 January 2008.

6 Amount of run-off cover support payment — other medical indemnity insurers

 (1) This regulation applies to medical indemnity insurers other than AMIL.

 (2) For paragraph 6 (2) (b) of the Act, the percentage of 8.5% is specified for the contribution years beginning on 1 July 2004, 1 July 2005, 1 July 2006 and 1 July 2007.

7 Amount by which premium income is reduced

 (1) This regulation specifies a kind of amount for the purposes of subsection 7 (2) of the Act.

 (2) The amount is the amount of refund payable by a medical indemnity insurer to a medical practitioner in respect of an overpayment of a premium for medical indemnity cover (whether or not the overpayment was made during the period for which the insurer’s premium income is being calculated).

Note   Under subsection 7 (2) of the Act, the amount of a medical indemnity insurer’s premium income for a period under subsection 7 (1) of the Act is reduced by the sum of all amounts of the kind specified in this regulation payable during the period.

Notes to the Medical Indemnity (Run-off Cover Support Payment) Regulations 2004

Note 1

The Medical Indemnity (Run-off Cover Support Payment) Regulations 2004 (in force under the Medical Indemnity (Run-off Cover Support Payment) Act 2004) as shown in this compilation comprise Statutory Rules 2004 No. 204 amended as indicated in the Tables below.

Under the Legislative Instruments Act 2003, which came into force on 1 January 2005, it is a requirement for all non-exempt legislative instruments to be registered on the Federal Register of Legislative Instruments. From 1 January 2005 the Statutory Rules series ceased to exist and was replaced with Select Legislative Instruments (SLI series). Numbering conventions remain the same, ie Year and Number.

Table of Instruments

Table of Amendments