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Medical Indemnity (Prudential Supervision and Product Standards) Act 2003
In force
Administered by
Department of Health and Aged Care
Department of the Treasury
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C2023C00421 (C07)
20 October 2023
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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
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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
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Part 3—Product standards for medical indemnity insurance contracts
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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
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Division 2—Offers to provide retroactive and run off cover for otherwise uncovered prior incidents
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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
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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
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Part 5—Miscellaneous
31 Anti avoidance measures
32 Act not to affect State and Territory laws
33 Regulations
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Endnotes
Endnote 1—About the endnotes
Endnote 2—Abbreviation key
Endnote 3—Legislation history
Endnote 4—Amendment history