Medical Indemnity Amendment Regulations 2006 (No. 1)1

Select Legislative Instrument 2006 No. 72

I, PHILIP MICHAEL JEFFERY, Governor‑General of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, make the following Regulations under the Medical Indemnity Act 2002.

Dated 30 March 2006

P. M. JEFFERY

Governor‑General

By His Excellency’s Command

TONY ABBOTT

Minister for Health and Ageing

1 Name of Regulations

  These Regulations are the Medical Indemnity Amendment Regulations 2006 (No. 1).

2 Commencement

  These Regulations commence on the day after they are registered.

3 Amendment of Medical Indemnity Regulations 2003

  Schedule 1 amends the Medical Indemnity Regulations 2003.

Schedule 1 Amendment

(regulation 3)

[1] After Division 3.1

insert

Division 3.1A Competitive advantage payment

25A Competitive advantage payment exemption

 (1) For subsection 59C (1) of the Act, a person (the insurer) is exempt from competitive advantage payment if:

 (a) the insurer has entered into a deed of agreement with the Commonwealth to pay, as a lump sum, an amount to the Commonwealth to redress the competitive advantage received by the insurer, or a participating MDO of the insurer, through participation in the IBNR indemnity scheme; and

 (b) the insurer has paid to the Commonwealth the amount mentioned in paragraph (a) in accordance with the deed of agreement.

 (2) In this regulation:

participating MDO has the same meaning as in section 3 of the Medical Indemnity (Competitive Advantage Payment) Act 2005.

1. All legislative instruments and compilations are registered on the Federal Register of Legislative Instruments kept under the Legislative Instruments Act 2003. See www.frli.gov.au.