25ACompetitive advantage payment exemption

25A Competitive advantage payment exemption

(1) For subsection 59C(1) of the Act, a person (the insurer) is exempt from competitive advantage payment if: (a) the insurer has entered into a deed of agreement with the Commonwealth to pay, as a lump sum, an amount to the Commonwealth to redress the competitive advantage received by the insurer, or a participating MDO of the insurer, through participation in the IBNR indemnity scheme; and (b) the insurer has paid to the Commonwealth the amount mentioned in paragraph (a) in accordance with the deed of agreement. (2) In this regulation:

participating MDO has the same meaning as in section 3 of the Medical Indemnity (Competitive Advantage Payment) Act 2005.