Explanatory Memorandum
Circulated by authority of the Minister for Health and Ageing, the Honourable Nicola Roxon MPSchedule 1 - Health-related business
Australian Securities and Investments Commission Act 2001
Item 1 Paragraph 12BAA(7)(d )
Item 1 repeals the current paragraph 12BAA(7)(d) of the ASIC Act and substitutes it with a new paragraph specifying that health insurance provided as part of a health insurance business or a health-related business that are conducted through a health benefits fund is excluded from being considered a contract of insurance and, therefore, is not a financial product for the purposes of Division 2 of Part 2 of that Act. Health insurance business is defined in section 121-1 and health-related business is defined in section 131-15 of the Private Health Insurance Act 2007 .
Item 2 After paragraph 12BAA(8)(b )
Item 2 inserts a new paragraph 12BAA(8)(ba) into the ASIC Act specifying that insurance provided as part of a health-related business that is conducted through a health benefits fund is not a financial product for the purposes of Division 2 of Part 2 of that Act.
Corporations Act 2001
Item 3 After paragraph 765A(1)(c )
Item 3 inserts a new paragraph 765A(1)(ca) into the Corporations Act specifying that insurance provided as part of a health-related business that is conducted through a health benefits fund is not a financial product for the purposes of Chapter 7 of that Act.
Insurance Act 1973
Item 4 Subsection 3(1) (after paragraph (j) of the definition of insurance business)
Item 4 adds a paragraph (ja) into subsection 3(1) of the Insurance Act specifying that the meaning of insurance business for the purposes of the Private Health Insurance Act 2007 (the Act) does not include health-related business carried on by a private health insurer through a health benefits fund .
Insurance Contracts Act 1984
Item 5 After paragraph 9(1)(b )
Item 5 inserts a new paragraph 9(1)(ba) into the Insurance Contracts Act specifying that that Act does not apply to or in relation to contracts of insurance entered into, or proposed to be entered into, by a private health insurer in respect of its health-related business that is conducted through a health benefits fund .