47Invoices for midwife professional indemnity cover

47 Invoices for midwife professional indemnity cover

(1) If: (a) an eligible insurer gives to a person an invoice stating the premium that is or will be payable for midwife professional indemnity cover provided by a contract of insurance with the eligible insurer; and (b) payment of the premium would increase the eligible insurer’s liability to pay run‑off cover support payment; the eligible insurer must ensure that the invoice states: (c) the amount of the eligible insurer’s premium income, for the contribution year in question, that represents the premium that is or will be payable for midwife professional indemnity cover provided by the contract of insurance; and (d) the applicable percentage relating to that contribution year; and (e) the amount of the run‑off cover support payment imposed on the eligible insurer, for that contribution year, that relates to the premium that is or will be payable for midwife professional indemnity cover provided by the contract of insurance.

Note: Failure to comply with this section is an offence (see section 69).

(2) In this section:

applicable percentage has the same meaning as in subsection 6(2) of the Midwife Professional Indemnity (Run‑off Cover Support Payment) Act 2010.

premium income has the same meaning as in the Midwife Professional Indemnity (Run‑off Cover Support Payment) Act 2010.

run‑off cover support payment has the same meaning as in the Midwife Professional Indemnity (Run‑off Cover Support Payment) Act 2010.