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Second Reading Speeches

Private Health Insurance Legislation Amendment Bill 2008

Type
Government
Portfolio
Health and Ageing
Originating house
House of Representatives
Status
Act
Parliament no
42

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Summary

Amends the:

Australian Securities and Investments Commission Act 2001
,
Corporations Act 2001
,
Insurance Act 1973
and
Insurance Contracts Act 1984
to remove the 1 July 2008 requirement for health-related business conducted through health benefits funds to be subject to dual regulation by the Private Health Insurance Administration Council and the Australian Prudential Regulation Authority; and
Private Health Insurance Act 2007
to: enable restricted access insurers to specify their eligibility requirements in constitutions or operational rules; require all private health insurers to be companies under the Corporations Act by January 2010; clarify that discounted corporate products offered by private health insurers are not a breach of community rating; and provide that a pilot project conducted as specified in the Private Health Insurance (Complying Product) Rules does not breach community rating.