Private Health Insurance Act 2007

Ch 4 heading substituted by No 87 of 2015, s 3 and Sch 1 item 54, effective 1 July 2015. For transitional provisions, see note under s 3-15 . The heading formerly read:

CHAPTER 4 - PRIVATE HEALTH INSURERS

Div 149 repealed by No 87 of 2015, s 3 and Sch 1 item 65, effective 1 July 2015.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 .

Subdiv 149-D repealed by No 87 of 2015, s 3 and Sch 1 item 65, effective 1 July 2015.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S 149-50 repealed by No 87 of 2015, s 3 and Sch 1 item 65, effective 1 July 2015.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 149-50 formerly read:

SECTION 149-50 LIABILITY OF OFFICERS OF INSURERS FOR LOSS TO TERMINATED FUNDS  
149-50(1)
If:
(a) a private health insurer contravenes this Act in relation to a *health benefits fund that it conducts; and
(b) the contravention results in a loss to the fund; and
(c) the termination of the fund is completed;

the persons who were *officers of the insurer when the contravention occurred are jointly and severally liable to pay to the Council, for payment to the *Risk Equalisation Trust Fund, an amount equal to the amount of the loss.

149-50(2)
A person is not liable under subsection (1) if the person proves that he or she used due diligence to prevent the occurrence of such a contravention.

149-50(3)
On application by the Council, the Federal Court may order any person liable under subsection (1) to pay to the Council, for payment to the *Risk Equalisation Trust Fund, the whole or any part of the loss.