15Simplified outline of this Part

15 Simplified outline of this Part

An amount is payable annually to a medical indemnity insurer that incurs costs in complying with the requirement in the Medical Indemnity (Prudential Supervision and Product Standards) Act 2003 to provide run‑off cover to certain medical practitioners. The insurer needs to apply for payment of the amount and comply with any requests from the Chief Executive Medicare for information about it.

The amount payable depends on the number of practitioners covered in the year.

Also, amounts are payable on a one‑off basis to certain insurers that incurred costs in complying with that requirement before 1 July 2020.