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This gazette
Administered by: Treasury
Published Date 24 May 2017

Registration as a Private Health Insurer

Private Health Insurance (Prudential Supervision) Act 2015 (the Act)

To:       MO Health Pty Ltd ABN 32 611 323 034 (the applicant)

 

 

The applicant has applied to APRA under section 12 of the Act, on 24 February 2017, for registration as a private health insurer (the Application).

 

I, Louis Serret, a delegate of APRA, under section 15 of the Act, GRANT the application subject to the condition set out in the Schedule.    

 

The applicant is registered as a for profit insurer and as an open access insurer.

 

This Registration takes effect on the date it is signed.

 

Dated: 22 May 2017

 

[Signed]

 

Louis Serret

Executive General Manager

Specialised Institutions Division

 

 

 

 

Interpretation

In this Notice:

APRA means the Australian Prudential Regulation Authority

Private Health Insurer means a body that is registered under Division 3 of Part 2 of the Act

for profit insurer means a private health insurer that is registered under Division 3 of Part 2 of the Act as a for profit insurer

open access insurer means a private health insurer that is registered not as a restricted access insurer under Division 3 of Part 2 of the Act.

 

 

Note 1    Under subsection 15(1) of the Act, APRA may, in writing, grant the application subject to such terms and conditions as APRA considers appropriate. 

 

Note 2    If APRA grants the application, under subsection 15(2) of the Act (a) the applicant is taken to be, or have been, registered as private health insurer under Division 3 of the Act from the date of effect specified in the instrument granting the application; and (b) if the grant is subject to terms and conditions-the registration is taken to be subject to those terms and conditions from the day on which the applicant is notified of the granting of the application; and (c) if the applicant sought to be registered as a for profit insurer- the registration is taken to be registration of the applicant as a for profit insurer; and (d) if the application sought to be registered as a restricted access insurer and the applicant’s constitution or rules satisfy subsection (3)- the registration is taken to be registration of the applicant as a restricted access insurer. 

 

Note 3    If APRA grants the application, APRA must, under section 16 of the Act, (a) give the applicant written notice of the grant, and of the terms and conditions (if any) to which the grant is subject; and (b) within one month after granting the application, publish in the Gazette a notification of the grant setting out the applicant’s name, the date of effect of the applicant’s registration and the terms and conditions (if any) to which the grant is subject. 

 

Note 4    If APRA cancels the registration of a private health insurer under section 21 of the Act, APRA must give the insurer written notice of the cancellation and publish a notification of the cancellation in the Gazette within one month after the cancellation. 

 

 

Schedule – the condition imposed on this Registration

 

The applicant must obtain APRA’s written approval prior to making any dividend payments on shares that exceeds its after-tax earnings (as reported to APRA in the applicant’s statutory accounts) in the financial year to which they relate.

 

‘Financial year’ means the last four quarters for which the applicant was required to submit quarterly returns in accordance with reporting standards made under the Financial Sector (Collection of Data Act) 2001 to APRA preceding the date of the proposed dividend.