Commonwealth Consolidated Acts

PRIVATE HEALTH INSURANCE ACT 2007 - SECT 318.10

  (1)   The purpose of the * Risk Equalisation Special Account is for * APRA to make payments to private health insurers in accordance with the Private Health Insurance (Risk Equalisation Policy) Rules.

Note:   See section   80 of the Public Governance, Performance and Accountability Act 2013 (which deals with special accounts).

  (2)   The Private Health Insurance (Risk Equalisation Policy) Rules must specify:

  (a)   the circumstances in which private health insurers are to be paid amounts debited from the * Risk Equalisation Special Account; and

  (b)   the method for working out the amount to be so debited from the Account for payment to a private health insurer; and

  (c)   the method for working out the amount to be paid, for crediting to the Account, by private health insurers as * risk equalisation levy.

  (3)   Before making Private Health Insurance (Risk Equalisation Policy) Rules, the Minister must consult * APRA. However, a failure to consult APRA does not affect the validity of those Rules.

Note:   This consultation requirement also applies to any repeal or amendment of such Rules: see subsection   33(3) of the Acts Interpretation Act 1901 .