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Medical Indemnity (Prudential Supervision and Product Standards) Act 2003
In force
Administered by
Department of Health, Disability and Ageing
Department of the Treasury
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C2004A01121
02 May 2003
-
30 June 2003
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Part 1—Introductory
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Division 1—Preliminary
1 Short title
2 Commencement
3 Objects
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Division 2—Interpretation
4 Definitions
5 Providing medical indemnity cover
6 Claims-made based cover and incident-occurring based cover
7 When certain DDR arrangements are taken to be entered into
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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
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Division 1—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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Division 2—Transitional arrangements
12 Effect of determination under subsection 13(3)
13 APRA determination that minimum capital requirements do not apply
14 Administrative review
15 Application of section 115A of the Insurance Act 1973
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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
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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
25 APRA guidelines
26 Federal Court may order insurer to make offer
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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