23Private health insurers must have health benefits funds

23 Private health insurers must have health benefits funds

(1) A private health insurer must at all times have at least one health benefits fund in respect of: (a) its health insurance business; or (b) its health insurance business and some or all of its health‑related businesses. (2) A private health insurer may have more than one health benefits fund, but must not have more than one in respect of a particular risk equalisation jurisdiction. (3) Despite subsection (2), a private health insurer may have more than one health benefits fund in respect of a particular risk equalisation jurisdiction if: (a) each of those funds is a fund (a pre‑1 April 2007 fund): (i) that existed on 1 April 2007; and (ii) that, immediately before that day, was conducted by a registered organization (within the meaning of the National Health Act 1953 as in force before that day); or (b) each of those funds, other than one of them, is a pre‑1 April 2007 fund and that one other fund was established in connection with a restructure of funds approved under: (i) Division 4 of this Part; or (ii) Division 146 of the Private Health Insurance Act 2007 as in force before the commencement of this section. (4) Despite subsection (2), a private health insurer may have more than one health benefits fund in respect of a particular risk equalisation jurisdiction in circumstances specified in Private Health Insurance (Health Benefits Fund Policy) Rules made for the purpose of subsection 131‑20(2) of the Private Health Insurance Act 2007.