Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) A private health insurer must at all times have at least one health benefits fund in respect of:
(a) its health insurance business; or
(b) its health insurance business and some or all of its health - related businesses.
(2) A private health insurer may have more than one health benefits fund, but must not have more than one in respect of a particular risk equalisation jurisdiction.
(3) Despite subsection (2), a private health insurer may have more than one health benefits fund in respect of a particular risk equalisation jurisdiction if:
(a) each of those funds is a fund (a pre - 1 April 2007 fund ):
(i) that existed on 1 April 2007; and
(ii) that, immediately before that day, was conducted by a registered organization (within the meaning of the National Health Act 1953 as in force before that day); or
(b) each of those funds, other than one of them, is a pre - 1 April 2007 fund and that one other fund was established in connection with a restructure of funds approved under:
(i) Division 4 of this Part; or
(ii) Division 146 of the Private Health Insurance Act 2007 as in force before the commencement of this section.
(4) Despite subsection (2), a private health insurer may have more than one health benefits fund in respect of a particular risk equalisation jurisdiction in circumstances specified in Private Health Insurance (Health Benefits Fund Policy) Rules made for the purpose of subsection 131 - 20(2) of the Private Health Insurance Act 2007 .