Commonwealth Numbered Acts

PRIVATE HEALTH INSURANCE (PRUDENTIAL SUPERVISION) ACT 2015 (NO. 85, 2015) - SECT 19

For profit insurer

             (1)  A private health insurer that:

                     (a)  because of subsection (2) or otherwise, is registered as a for profit insurer; and

                     (b)  notifies APRA in the approved form, that it does not wish to be registered as a for profit insurer;

is taken, from the day after the day on which APRA receives the notice, not to be registered as a for profit insurer.

             (2)  If:

                     (a)  because of subsection (1) or otherwise, a private health insurer is not registered as a for profit insurer; and

                     (b)  APRA approves under section 20 an application by the insurer for the insurer to convert to being registered as a for profit insurer;

the insurer is taken, from the day specified in APRA's approval, to be registered as a for profit insurer.

             (3)  If a private health insurer is taken under this section to be, or not to be, registered as a for profit insurer, APRA must, as soon as practicable, given written notice of that fact to:

                     (a)  the Health Secretary; and

                     (b)  the Private Health Insurance Ombudsman; and

                     (c)  the Commissioner of Taxation.

Restricted access insurer

             (4)  A private health insurer that:

                     (a)  because of subsection (5) or otherwise, is registered as a restricted access insurer; and

                     (b)  notifies APRA, in the approved form, that it does not wish to be registered as a restricted access insurer;

is taken, from the day after the day on which APRA receives the notice, not to be registered as a restricted access insurer.

             (5)  Subject to subsection 15(3), a private health insurer that:

                     (a)  because of subsection (4) of this section or otherwise, is not registered as a restricted access insurer; and

                     (b)  notifies APRA, in the approved form, that it wishes to be registered as a restricted access insurer;

is taken, from the day after the day on which APRA receives the notice, to be registered as a restricted access insurer.

             (6)  If a private health insurer is taken under this section to be, or not to be, registered as a restricted access insurer, APRA must, as soon as practicable, give written notice of that fact to:

                     (a)  the Health Secretary; and

                     (b)  the Private Health Insurance Ombudsman.