Commonwealth Consolidated Acts

PRIVATE HEALTH INSURANCE (PRUDENTIAL SUPERVISION) ACT 2015 - SECT 19

For profit insurer

  (1)   A private health insurer that:

  (a)   because of subsection   (2) or otherwise, is registered as a for profit insurer; and

  (b)   notifies APRA in the approved form, that it does not wish to be registered as a for profit insurer;

is taken, from the day after the day on which APRA receives the notice, not to be registered as a for profit insurer.

  (2)   If:

  (a)   because of subsection   (1) or otherwise, a private health insurer is not registered as a for profit insurer; and

  (b)   APRA approves under section   20 an application by the insurer for the insurer to convert to being registered as a for profit insurer;

the insurer is taken, from the day specified in APRA's approval, to be registered as a for profit insurer.

  (3)   If a private health insurer is taken under this section to be, or not to be, registered as a for profit insurer, APRA must, as soon as practicable, given written notice of that fact to:

  (a)   the Health Secretary; and

  (b)   the Private Health Insurance Ombudsman; and

  (c)   the Commissioner of Taxation.

Restricted access insurer

  (4)   A private health insurer that:

  (a)   because of subsection   (5) or otherwise, is registered as a restricted access insurer; and

  (b)   notifies APRA, in the approved form, that it does not wish to be registered as a restricted access insurer;

is taken, from the day after the day on which APRA receives the notice, not to be registered as a restricted access insurer.

  (5)   Subject to subsection   15(3), a private health insurer that:

  (a)   because of subsection   (4) of this section or otherwise, is not registered as a restricted access insurer; and

  (b)   notifies APRA, in the approved form, that it wishes to be registered as a restricted access insurer;

is taken, from the day after the day on which APRA receives the notice, to be registered as a restricted access insurer.

  (6)   If a private health insurer is taken under this section to be, or not to be, registered as a restricted access insurer, APRA must, as soon as practicable, give written notice of that fact to:

  (a)   the Health Secretary; and

  (b)   the Private Health Insurance Ombudsman.