Commonwealth Consolidated Acts

MEDICAL INDEMNITY (PRUDENTIAL SUPERVISION AND PRODUCT STANDARDS) ACT 2003

TABLE OF PROVISIONS

           Long Title

   PART 1--INTRODUCTORY

           Division 1--Preliminary

   1.      Short title  
   2.      Commencement  
   3.      Objects  

           Division 2--Interpretation

   4.      Definitions  
   5.      Providing medical indemnity cover  
   6.      Claims - made based cover and incident - occurring based cover  
   7.      When certain death, disability and retirement arrangements are taken to be entered into  
   7A.     Reasonableness of premiums  

           Division 3--Application of Act

   8.      Application of Act  
   9.      Act extends to external Territories  

   PART 2--PRUDENTIAL--REQUIREMENTS FOR PROVISION OF MEDICAL INDEMNITY COVER

   10.     Medical indemnity cover to be provided only by general insurers and only under contracts of insurance  
   11.     Intermediary's responsibilities  

   PART 3--PRODUCT--STANDARDS FOR MEDICAL INDEMNITY INSURANCE CONTRACTS

           Division 1--Minimum cover

   16.     Minimum cover amount  
   17.     Minimum cover for single claim  
   18.     Minimum annual cover--incident - occurring based cover  
   19.     Minimum annual cover--other cover  
   20.     Amount payable by insurer  

           Division 2--Offers to provide retroactive and run-off cover for otherwise uncovered prior incidents

              Subdivision A--Regulated insurance contracts

   21.     Regulated insurance contracts  

              Subdivision B--Insurer's responsibilities

   22.     Additional offer of retroactive cover when regulated insurance contract entered into, comes into effect or is renewed  
   23.     Additional offer of run - off cover when particular events happen during claims period for regulated insurance contract  
   24.     Complying offer  
   26.     Federal Court may order insurer to make offer  

           Division 2A--Provision of run-off cover to certain medical practitioners

   26A.    Provision of run - off cover to certain medical practitioners  
   26B.    Medical practitioners provided with medical indemnity cover by MDOs, but not adequate run - off cover  
   26C.    Provision of run - off in accordance with arrangements with MDOs  
   26D.    Notification and record - keeping  
   26E.    Run - off cover taken to be provided under contract of insurance  
   26F.    Federal Court may order insurer to provide run - off cover or MDO to enter into arrangement  
   26G.    Pecuniary penalties for offences against this Division  

           Division 3--Intermediary's responsibilities

   27.     Intermediary's responsibilities  

   PART 4--ADMINISTRATION

   28.     APRA to have general administration of Part 2  
   29.     APRA Act secrecy provisions apply  
   30.     ASIC to have general administration of Part 3  

   PART 5--MISCELLANEOUS

   31.     Anti - avoidance measures  
   32.     Act not to affect State and Territory laws  
   33.     Regulations