66‑5 Premium requirement66‑5 Premium requirement

66‑5 Premium requirement (1) For the purposes of paragraph 66‑1(1)(d), the premiums payable under an insurance policy for a period meet the premium requirement in this section if the amount of premiums payable under the policy for the period: (a) is the amount specified for the *product subgroup to which the policy belongs in the most recent approval under section 66‑10; or (b) is the proportion, for the period, of that amount; or (c) would be the amount mentioned in paragraph (a) or (b) except that a different amount is payable: (i) because of the application of Part 2‑3 (lifetime health cover); or (ii) because of a discount or discounts allowed under subsection (2), if the total percentage discount (not counting discounts available for the reason in paragraph (3)(f)) does not exceed the percentage specified in the Private Health Insurance (Complying Product) Rules as the maximum percentage discount allowed; or (iii) because of a combination of subparagraphs (i) and (ii). (2) A discount is allowed if: (a) it is for a reason in subsection (3); and (b) the discount is also available for that reason under every policy in the *product; and (c) if there are different percentage discounts available for that reason—the same percentage discount is available on the same basis under every policy in the product; and (d) any other conditions set out in the Private Health Insurance (Complying Product) Rules are met. (3) A discount may be for any of these reasons: (a) because premiums are paid at least 3 months in advance; (b) because premiums are paid by payroll deduction; (c) because premiums are paid by pre‑arranged automatic transfer from an account at a bank or other financial institution; (d) because the persons insured under the policy have agreed to communicate with the private health insurer, and make claims under the policy, by electronic means; (e) because a person insured under the policy is, under the *rules of the private health insurer, treated as belonging to a contribution group; (ea) because a person insured under the policy is entitled to an age‑based discount in the circumstances set out in the Private Health Insurance (Complying Product) Rules; (f) because the insurer is not required to pay a levy in relation to the policy under a law of a State or Territory; (g) for a reason set out in the Private Health Insurance (Complying Product) Rules.