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MEDICAL INDEMNITY (PRUDENTIAL SUPERVISION AND PRODUCT STANDARDS) ACT 2003 !!!The following amendment (No. 116, 2006) has not been incorporated. - List of Sections

Section

Compilation Information

Long Title

MEDICAL INDEMNITY (PRUDENTIAL SUPERVISION AND PRODUCT STANDARDS) ACT 2003
Part 1—Introductory

MEDICAL INDEMNITY (PRUDENTIAL SUPERVISION AND PRODUCT STANDARDS) ACT 2003
Division 1—Preliminary


1. Short title [ see Note 1]
2. Commencement
3. Objects
MEDICAL INDEMNITY (PRUDENTIAL SUPERVISION AND PRODUCT STANDARDS) ACT 2003
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
7A. Reasonableness of premiums
MEDICAL INDEMNITY (PRUDENTIAL SUPERVISION AND PRODUCT STANDARDS) ACT 2003
Division 3—Application of Act


8. Application of Act
9. Act extends to external Territories
MEDICAL INDEMNITY (PRUDENTIAL SUPERVISION AND PRODUCT STANDARDS) ACT 2003
Part 2—Prudential requirements for provision of medical
indemnity cover

MEDICAL INDEMNITY (PRUDENTIAL SUPERVISION AND PRODUCT STANDARDS) ACT 2003
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
MEDICAL INDEMNITY (PRUDENTIAL SUPERVISION AND PRODUCT STANDARDS) ACT 2003
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
MEDICAL INDEMNITY (PRUDENTIAL SUPERVISION AND PRODUCT STANDARDS) ACT 2003
Part 3—Product standards for medical indemnity insurance contracts

MEDICAL INDEMNITY (PRUDENTIAL SUPERVISION AND PRODUCT STANDARDS) ACT 2003
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
MEDICAL INDEMNITY (PRUDENTIAL SUPERVISION AND PRODUCT STANDARDS) ACT 2003
Division 2—Offers to provide retroactive and run-off cover
for otherwise uncovered prior incidents


MEDICAL INDEMNITY (PRUDENTIAL SUPERVISION AND PRODUCT STANDARDS) ACT 2003
Subdivision A—Regulated insurance contracts


21. Regulated insurance contracts
MEDICAL INDEMNITY (PRUDENTIAL SUPERVISION AND PRODUCT STANDARDS) ACT 2003
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
26. Federal Court may order insurer to make offer
MEDICAL INDEMNITY (PRUDENTIAL SUPERVISION AND PRODUCT STANDARDS) ACT 2003
Division 2A—Provision of run-off cover to certain medical
practitioners


26A. Provision of run-off cover to certain medical practitioners
26B. Medical practitioners provided with medical indemnity cover by MDOs, but not adequate run-off cover
26C. Provision of run-off in accordance with arrangements with MDOs
26D. Notification and record-keeping
26E. Run-off cover taken to be provided under contract of insurance
26F. Federal Court may order insurer to provide run-off cover or MDO to enter into arrangement
26G. Pecuniary penalties for offences against this Division
MEDICAL INDEMNITY (PRUDENTIAL SUPERVISION AND PRODUCT STANDARDS) ACT 2003
Division 3—Intermediary's responsibilities


27. Intermediary's responsibilities
MEDICAL INDEMNITY (PRUDENTIAL SUPERVISION AND PRODUCT STANDARDS) ACT 2003
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
MEDICAL INDEMNITY (PRUDENTIAL SUPERVISION AND PRODUCT STANDARDS) ACT 2003
Part 5—Miscellaneous

31. Anti-avoidance measures
32. Act not to affect State and Territory laws
33. Regulations
MEDICAL INDEMNITY (PRUDENTIAL SUPERVISION AND PRODUCT STANDARDS) ACT 2003
Notes to the Medical Indemnity (Prudential Supervision and Product Standards) Act 2003

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