27Payments to health benefits funds

27 Payments to health benefits funds

(1) A private health insurer must credit the following amounts to a health benefits fund: (a) premiums payable under policies of insurance that are referable to the fund; (b) amounts paid to the insurer in relation to a liability under Division 9 in relation to the fund; (c) income from the investment of assets of the fund; (d) money paid to or by the insurer under a judgment of a court relating to any matter concerning the business of the fund or any failure to comply with this Part in relation to the fund; (e) any other money received by the insurer in connection with its conduct of the business of the fund; (f) any other amounts specified in APRA rules made for the purpose of this paragraph. (2) This Act does not prevent a private health insurer from making a permitted capital payment to a health benefits fund. (3) A private health insurer makes a permitted capital payment to a health benefits fund if it credits to the fund an amount that: (a) is not required to be credited to the fund under subsection (1); and (b) either: (i) does not represent any part of the assets of another health benefits fund; or (ii) is credited to the fund with APRA’s written approval.

Note: Refusals to approve the crediting of an amount to a fund are reviewable under section 168.

(4) An approval under subparagraph (3)(b)(ii) is not a legislative instrument.