S 137-1 repealed by No 87 of 2015, s 3 and Sch 1 item 65, effective 1 July 2015. For transitional provisions, see note under s
3-15
. S 137-1 formerly read:
SECTION 137-1 ASSETS OF HEALTH BENEFITS FUNDS
137-1(1)
A private health insurer must keep *assets of a *health benefits fund distinct and separate from assets of other health benefits funds and from all other money, assets or investments of the insurer.
137-1(2)
A private health insurer must maintain a separate bank account for each *health benefits fund that it conducts.
137-1(3)
The
assets
of a *health benefits fund at a particular time are the following:
(a)
the balance of money represented by amounts credited to the fund in accordance with section 137-5;
(b)
assets of the insurer obtained as a result of the expenditure or application of money credited to the fund;
(c)
investments held by the insurer as a result of the expenditure or application of money credited to the fund;
(d)
other money, assets or investments of the insurer transferred to the fund, whether under this Act or otherwise.
137-1(4)
Assets or investments obtained by the application of assets (other than money) of a *health benefits fund are themselves
assets
of the fund.
137-1(4A)
The
assets
of a *health benefits fund:
(a)
include assets that, in accordance with a restructure or arrangement approved under Division 146, are to be assets of the fund; but
(b)
do not include assets that, in accordance with such a restructure or arrangement, are no longer to be assets of the fund.
137-1(5)
Despite paragraphs (3)(b) and (c) and subsection (4), *assets or investments obtained by the expenditure of money of, or the application of other assets of, a *health benefits fund are not assets of the fund if:
(a)
the private health insurer conducting the fund is *registered as a for profit insurer; and
(b)
the expenditure or application was not done for the purposes of the fund.
137-1(6)
To avoid doubt, nothing in this Act is intended to constitute a private health insurer or its *directors a trustee or trustees of the *assets of the *health benefits funds of the insurer.
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