S 126-40 repealed by No 87 of 2015, s 3 and Sch 1 item 60, effective 1 July 2015. For transitional provisions, see note under s
3-15
. S 126-40 formerly read:
SECTION 126-40 CHANGING REGISTRATION STATUS
126-40(1)
A private health insurer that:
(a)
because of paragraph 126-20(5)(c) or subsection (2) of this section, is *registered as a for profit insurer; and
(b)
notifies the Council, 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 the Council receives the notice, not to be registered as a for profit insurer for the purposes of this Act.
126-40(2)
If:
(a)
because of subsection (1) or otherwise, a private health insurer is not *registered as a for profit insurer; and
(b)
the Council approves under section 126-42 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 the Council
'
s approval, to be registered as a for profit insurer for the purposes of this Act.
126-40(3)
If a private health insurer is taken under this section to be, or not to be, *registered as a for profit insurer, the Council must, as soon as practicable and in writing, notify accordingly:
(a)
the Secretary of the Department; and
(b)
the Private Health Insurance Ombudsman; and
(c)
the Commissioner of Taxation.
126-40(4)
A private health insurer that:
(a)
because of paragraph 126-20(5)(d) or subsection (5) of this section, is *registered as a *restricted access insurer; and
(b)
notifies the Council, 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 the Council receives the notice, not to be registered as a restricted access insurer for the purposes of this Act.
126-40(5)
Subject to subsection 126-20(6), a private health insurer that:
(a)
because of subsection (4) or otherwise, is not *registered as a *restricted access insurer; and
(b)
notifies the Council, 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 the Council receives the notice, to be registered as a restricted access insurer for the purposes of this Act.
126-40(6)
If a private health insurer is taken under this section to be, or not to be, *registered as a *restricted access insurer, the Council must, as soon as practicable and in writing, notify accordingly:
(a)
the Secretary of the Department; and
(b)
the Private Health Insurance Ombudsman.