Private Health Insurance (Insurer Obligations) Amendment Rule 2013 (No. 1)

Link to law: https://www.comlaw.gov.au/Details/F2013L01683

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Private Health Insurance (Insurer Obligations) Amendment Rule 2013 (No. 1)1
Private Health Insurance Act 2007
The Private Health Insurance Administration Council makes the following rule under section 333-25 of the Private Health Insurance Act 2007.
Dated 6 September 2013
LYNN RALPH
Commissioner of Private Health Insurance Administration

 
1              Name of rule
                This rule is the Private Health Insurance (Insurer Obligations) Amendment Rule 2013 (No. 1).
2              Commencement
Each provision of this rule specified in column 1 of the table commences in accordance with column 2 of the table.
 
Commencement information

 
Column 1
Column 2

 
Provision(s)
Commencement

1
Sections 1 to 3 and anything in this regulation not elsewhere covered by this table
The day after this rule is registered

2
Schedule 1 Items [1] to [4];
31 March 2014

3              Authority
This rule is made under the Private Health Insurance Act 2007.
4              Schedule(s)
The Private Health Insurance (Insurer Obligations) Rules 2009 are amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this instrument has effect according to its terms.
 
Schedule 1 — Amendments
[1]           Part 1, Preliminary, Rule 4 Definitions, after the definition of related person;
insert
“stress test amount of a health benefits fund, has the meaning given by subclause 10 (1) of Schedule 3 of the Private Health Insurance (Health Benefits Fund Administration) Rules 2007.”
[2]           Part 2, Reporting and notification requirements, Rule 6 Information to be given to the Council
Repeal the section.
[3]           Part 2, Reporting and notification requirements, Rule 7 Certification requirements
Repeal the section.
[4]           Schedule 2 Appointed Actuary Standard, Part 2 Duties and powers of appointed actuaries, subrule 7 (2) (c)
repeal
“(c)  the assessment of the reasonableness of any discretionary margin adopted by the insurer for the purpose of assessing the capital adequacy of a fund; and”
substitute
“(c)  the assessment of the reasonableness of the amount of uncertainty allowed for by the insurer in calculating the stress test amount in the capital adequacy standard; and”
 
Note
1.       All legislative instruments and compilations are registered on the Federal Register of Legislative Instruments kept under the Legislative Instruments Act 2003. See www.comlaw.gov.au.