Introduced with the Medical Indemnity (Prudential Supervision and Product Standards) Bill 2002 and further to the package of bills implementing the framework for medical indemnity insurance, the bill makes consequential amendments to the
Australian Prudential Regulation Authority Act 1998,
Financial Sector (Collection of Data) Act 2001,
Insurance Act 1973 and
Insurance Contracts Act 1984 to: require medical defence organisations (MDOs) to provide data to the Australian Prudential Regulation Authority; and prevent MDOs with discretionary liabilities from becoming authorised insurers.