318‑10 Purpose of the Risk Equalisation 318‑10 Purpose of the Risk Equalisation Special Account

318‑10 Purpose of the Risk Equalisation Special Account (1) The purpose of the *Risk Equalisation Special Account is for *APRA to make payments to private health insurers in accordance with the Private Health Insurance (Risk Equalisation Policy) Rules. Note: See section 80 of the Public Governance, Performance and Accountability Act 2013 (which deals with special accounts). (2) The Private Health Insurance (Risk Equalisation Policy) Rules must specify: (a) the circumstances in which private health insurers are to be paid amounts debited from the *Risk Equalisation Special Account; and (b) the method for working out the amount to be so debited from the Account for payment to a private health insurer; and (c) the method for working out the amount to be paid, for crediting to the Account, by private health insurers as *risk equalisation levy. (3) Before making Private Health Insurance (Risk Equalisation Policy) Rules, the Minister must consult *APRA. However, a failure to consult APRA does not affect the validity of those Rules. Note: This consultation requirement also applies to any repeal or amendment of such Rules: see subsection 33(3) of the Acts Interpretation Act 1901.