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

Pt 4-3 repealed by No 87 of 2015, s 3 and Sch 1 item 60, effective 1 July 2015.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 .

Div 126 repealed by No 87 of 2015, s 3 and Sch 1 item 60, effective 1 July 2015.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S 126-42 repealed by No 87 of 2015, s 3 and Sch 1 item 60, effective 1 July 2015.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 126-42 formerly read:

SECTION 126-42 CONVERSION TO FOR PROFIT STATUS  
126-42(1)
A private health insurer may apply to the Council for approval to convert to being *registered as a for profit insurer.

126-42(2)
The application:
(a) must be in the *approved form; and
(b) must include a conversion scheme that is:

(i) in the approved form; and

(ii) accompanied by such further information as is specified in the Private Health Insurance (Registration) Rules; and

(c) must be given to the Council at least 90 days before the day specified in the application as the day on which the insurer proposes that it become *registered as a for profit insurer.

126-42(3)
The Council must approve the application if the Council is satisfied, within 30 days after the application was made, that the conversion scheme would not in substance involve the demutualisation of the insurer.

126-42(4)
If subsection (3) does not apply:
(a) the Council must, at least 45 days before the day specified in the application, cause a notice of the application to be published in a national newspaper, or in a newspaper circulating in each jurisdiction where the insurer has its registered office or carries on business; and
(b) the Council may, within 90 days after the application is made, give the insurer written notice requiring the insurer to give the Council such further information relating to the application as is specified in the notice.

126-42(5)
If subsection (3) does not apply, the Council must approve the application if:
(a) the insurer has complied with subsection (2) in relation to the application, and given to the Council such further information as the Council has required under paragraph (4)(b); and
(b) the Council is satisfied that the conversion scheme would not result in a financial benefit to any person who is not a *policy holder of, or another person insured through, a *health benefits fund conducted by the insurer; and
(c) the Council is satisfied that the conversion scheme would not result in financial benefits from the scheme being distributed inequitably between such policy holders and insured persons.

126-42(6)
The Private Health Insurance (Registration) Rules may provide for criteria for deciding, for the purposes of subsection (3), whether a conversion scheme would not in substance involve the demutualisation of the insurer.

126-42(7)
The Council must cause the insurer to be notified in writing of the Council ' s decision on the application.

Note:

Refusals of applications are reviewable under Part 6-9.