A waiting period, or part of a waiting period, that a private health insurer purports to impose on a person under a complying health insurance policy has no effect if:
(a) the policy was, before the commencement time, part of an applicable benefits arrangement or table of ancillary health benefits that covered the person; and
(b) the person had already served the waiting period, or that part of the waiting period, under the arrangement or table (including under the arrangement or table as in force after the commencement time).