Document ID: chunk:federal_register_of_legislation:C2024C00534:section:34zh
Version: federal_register_of_legislation:C2024C00534
Segment Type: section
Provision Reference: s 34ZH
Character Range: 133361–134278

34ZH  Amount of run‑off cover indemnities
 (1) The amount of a run‑off cover indemnity is:
 (a) if it is payable to an MDO—the amount of the payment referred to in paragraph 34ZC(1)(b); or
 (b) if it is payable to a medical indemnity insurer—the amount of the payment referred to in paragraph 34ZC(1)(c), but only to the extent that the payment is or would be made:
 (i) in relation to a claim made in relation to medical indemnity cover that section 26A or 26C of the Medical Indemnity (Prudential Supervision and Product Standards) Act 2003 requires the insurer to provide for a person; and
 (ii) in the insurer's ordinary course of business.
 (2) However, if a high cost claim indemnity is payable in respect of that payment, the amount of the run‑off cover indemnity is reduced by the amount of the high cost claim indemnity.

Subdivision C—Payments that would have reduced the amount of run‑off cover indemnity