CTHIn ForceAct
Medical Indemnity (Prudential Supervision and Product Standards) Act 2003
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Medical Indemnity (Prudential Supervision and Product Standards) Act 2003
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Turn the raw legal text into a practical explanation grounded in Medical Indemnity (Prudential Supervision and Product Standards) Act 2003.
(1) This subsection applies to a person if, on or after 1 July 2003: (a) the person: (i) offers to enter into; or (ii) invites an offer to enter into; an arrangement under which the person would provide medical indemnity cover for a health care professional; or (b) the person enters into an arrangement under which the person provides medical indemnity cover for a health care professional; or (c) an arrangement under which the person provides medical indemnity cover for a health care professional comes into effect; or (d) the person offers to renew an arrangement under which a person provides medical indemnity cover for a health care professional; or (e) an arrangement under which the person provides medical indemnity cover for a health care professional is renewed. The relevant medical indemnity cover is the cover referred to in paragraph (a), (b), (c), (d), or (e). (2) A person (the cover provider) commits an offence if: (a) subsection (1) applies to the cover provider; and (b) either: (i) the cover provider is a constitutional corporation; or (ii) the cover provider is not a constitutional corporation but the arrangement has, or would have, a relevant constitutional connection; and (c) either: (i) the cover provider is neither a general insurer nor a Lloyd’s underwriter; or (ii) the relevant medical indemnity cover is not, or would not be, effected by means of a contract of insurance.
Penalty: Imprisonment for 12 months.
(3) To avoid doubt: (a) paragraph (1)(a) applies to offers or invitations that are received in Australia or the external Territories: (i) regardless of where any resulting arrangement is entered into; and (ii) whether or not any resulting arrangement is governed by the laws of a State or Territory; and (b) paragraph (1)(d) applies to offers that are received in Australia or the external Territories: (i) regardless of where any resulting renewal takes place; and (ii) whether or not the arrangement is governed by the laws of a State or Territory.