These Regulations are the Medical Indemnity (Prudential Supervision and Product Standards) Regulations 2003.

These Regulations commence on the commencement of the Medical Indemnity (Prudential Supervision and Product Standards) Act 2003.

3 Definition

In these Regulations:

Act means the Medical Indemnity (Prudential Supervision and Product Standards) Act 2003.

4 Application of Act — prescribed arrangements

(1) For paragraph 8 (2) (e) of the Act, the following arrangements are prescribed:

(a) an arrangement under which a person provides medical indemnity cover to an oral surgeon solely in relation to dental care:

(i) provided by the oral surgeon; and

(ii) in relation to which the oral surgeon is registered or licensed as a dental practitioner under a law of a State or Territory;

(b) an arrangement under which a person provides medical indemnity cover to a maxillo-facial surgeon solely in relation to dental care:

(i) provided by the maxillo-facial surgeon; and

(ii) in relation to which the maxillo-facial surgeon is registered or licensed as a dental practitioner under a law of a State or Territory;

(2) For paragraph 8 (2) (e) of the Act, a contract of insurance is a prescribed arrangement to the extent to which it is a contract of reinsurance.

Note The Act does not apply to a prescribed arrangement.

5 APRA determination that minimum capital requirements do not apply — application form

For subsection 13 (2) of the Act, the form of an application to APRA is set out in Schedule 1.

Note The application is for a determination by APRA that the minimum capital requirements determined by APRA do not apply to the applicant.

6 APRA determination that minimum capital requirements do not apply — prescribed bodies corporate

For subparagraph 13 (3) (a) (ii) of the Act, the following bodies corporate are prescribed:

(a) Australasian Medical Insurance Limited;

(b) Health Professionals Insurance Australia Pty Ltd;

(d) Medical Indemnity Australia Pty Ltd;

(e) Professional Indemnity Insurance Company Australia Pty Limited.

7 APRA determination that minimum capital requirements do not apply — funding plan

For subparagraph 13 (3) (d) (i) of the Act, the form of a funding plan is set out in Schedule 2.

Note A funding plan is required as part of an application under subsection 13 (1) of the Act for a determination by APRA that the minimum capital requirements determined by APRA do not apply to the applicant.

Schedule 1 Application form

(regulation 5)

Medical Indemnity (Prudential Supervision and Product Standards) Regulations 2003

Application to APRA for determination that minimum capital requirements do not apply

[Name of applicant]

Part 1 Application

I, [name of principal executive officer], principal executive officer of [name of applicant], for and on behalf of [name of applicant], apply to APRA under subsection 13 (1) of the Medical Indemnity (Prudential Supervision and Product Standards) Act 2003 for a determination that the minimum capital requirements determined by APRA do not apply to [name of applicant].

[name of applicant] is [choose one of the following]:

an MDO within the meaning of the Medical Indemnity Act 2002
a body corporate that is related (within the meaning of the Corporations Act 2001) to an MDO within the meaning of the Medical Indemnity Act 2002
a body corporate that is prescribed by the Medical Indemnity (Prudential Supervision and Product Standards) Regulations 2003
a body corporate that is related (within the meaning of the Corporations Act 2001) to a body corporate prescribed by the Medical Indemnity (Prudential Supervision and Product Standards) Regulations 2003

For subsection 13 (3) of the Medical Indemnity (Prudential Supervision and Product Standards) Act 2003, I declare that [name of applicant]:

(a) [choose one of the following]:

is not a general insurer
is a general insurer that is prescribed by the Medical Indemnity (Prudential Supervision and Product Standards) Regulations 2003

(b) at the time of application, does not, or would not, satisfy the prudential standards determined by APRA under section 32 of the Insurance Act 1973 to the extent to which those standards impose minimum capital requirements on the applicant.

This application includes a funding plan that:

(a) is in the form prescribed by the Medical Indemnity (Prudential Supervision and Product Standards) Regulations 2003; and

(b) has been certified by an independent auditor and an independent actuary; and

(c) complies with any guidelines issued by APRA under subsection 13 (9) of the Medical Indemnity (Prudential Supervision and Product Standards) Act 2003.

Dated [date]

Signature of principal executive officer

Part 2 Applicant’s details

Applicant’s ARBN

Applicant’s ACN (if applicable)

Address of applicant’s registered office

Contact details for principal executive officer

Part 3 Confirmation that application has been approved by board of directors

We declare that this application has been approved by the board of directors of [name of applicant].

Dated [date]

Either:

Signatures and names of principal executive officer and 1 director of the applicant

Signatures and names of 2 directors of the applicant

Note

The principal executive officer of a body corporate is the principal executive officer of the body corporate for the time being, by whatever name called, and whether or not he or she is a director of the body corporate.

Schedule 2 Form of funding plan

(regulation 7)

Medical Indemnity (Prudential Supervision and Product Standards) Regulations 2003

Funding Plan given by applicant for APRA determination that minimum capital requirements do not apply

[Name of applicant]

Part 1 Applicant’s details

Applicant’s ARBN

Applicant’s ACN (if applicable)

Address of applicant’s registered office

Contact details for principal executive officer

Part 2 Details complying with guidelines

[Insert all material required by guidelines issued by APRA under subsection 13 (9) of the Medical Indemnity (Prudential Supervision and Product Standards) Act 2003]

Part 3 Certification of funding plan

[Insert all material, relating to certification of the funding plan by the independent auditor, required by guidelines issued by APRA under subsection 13 (9) of the Medical Indemnity (Prudential Supervision and Product Standards) Act 2003]

Dated [date]

Signature of independent auditor

Qualifications of independent auditor

Address of independent auditor

Note

The qualifications of the independent auditor must be consistent with any relevant guidelines issued by APRA under subsection 13 (9) of the Medical Indemnity (Prudential Supervision and Product Standards) Act 2003.

[Insert all material, relating to certification of the funding plan by the independent actuary, required by guidelines issued by APRA under subsection 13 (9) of the Medical Indemnity (Prudential Supervision and Product Standards) Act 2003]

Dated [date]

Signature of independent actuary

Qualifications of independent actuary

Address of actuary

Note

The qualifications of the independent actuary must be consistent with any relevant guidelines issued by APRA under subsection 13 (9) of the Medical Indemnity (Prudential Supervision and Product Standards) Act 2003.

Part 4 Confirmation that funding plan has been approved by board of directors

We declare that:

(a) this funding plan has been approved by the board of directors of [name of applicant]; and

(b) the funding plan has been certified by an independent auditor and an independent actuary, in accordance with guidelines issued by APRA under subsection 13 (9) of the Medical Indemnity (Prudential Supervision and Product Standards) Act 2003; and

Dated [date]

Either:

Signatures and names of principal executive officer and 1 director of the applicant

Signatures and names of 2 directors of the applicant

Note

1. Notified in the Commonwealth of Australia Gazette on 4 June 2003.