19Changing registration status

19 Changing registration status

For profit insurer (1) A private health insurer that: (a) because of subsection (2) or otherwise, is registered as a for profit insurer; and (b) notifies APRA in the approved form, that it does not wish to be registered as a for profit insurer; is taken, from the day after the day on which APRA receives the notice, not to be registered as a for profit insurer. (2) If: (a) because of subsection (1) or otherwise, a private health insurer is not registered as a for profit insurer; and (b) APRA approves under section 20 an application by the insurer for the insurer to convert to being registered as a for profit insurer; the insurer is taken, from the day specified in APRA’s approval, to be registered as a for profit insurer. (3) If a private health insurer is taken under this section to be, or not to be, registered as a for profit insurer, APRA must, as soon as practicable, given written notice of that fact to: (a) the Health Secretary; and (b) the Private Health Insurance Ombudsman; and (c) the Commissioner of Taxation. Restricted access insurer (4) A private health insurer that: (a) because of subsection (5) or otherwise, is registered as a restricted access insurer; and (b) notifies APRA, in the approved form, that it does not wish to be registered as a restricted access insurer; is taken, from the day after the day on which APRA receives the notice, not to be registered as a restricted access insurer. (5) Subject to subsection 15(3), a private health insurer that: (a) because of subsection (4) of this section or otherwise, is not registered as a restricted access insurer; and (b) notifies APRA, in the approved form, that it wishes to be registered as a restricted access insurer; is taken, from the day after the day on which APRA receives the notice, to be registered as a restricted access insurer. (6) If a private health insurer is taken under this section to be, or not to be, registered as a restricted access insurer, APRA must, as soon as practicable, give written notice of that fact to: (a) the Health Secretary; and (b) the Private Health Insurance Ombudsman.