Document ID: chunk:federal_register_of_legislation:F2019L00398:schedule:1:p9
Version: federal_register_of_legislation:F2019L00398
Segment Type: schedule
Provision Reference: sch 1 (pt 9/18)
Character Range: 23803–26753

being delivered, the insurer must provide to at least one adult insured under each policy, or, for a policy covering no adults, the person who pays the premium, which was proposed for transfer, a statement of the outcome of the application.

Part 4 – Merger and acquisition of health benefits funds

    11A     Interpretation

    In this Part:

    financial benefit includes any consideration or payment of any kind in respect of the transfer, but does not include any benefit to a policy holder, or other insured person, arising under the policy that insures the person.

    market value means the value of the business concerned if it were disposed of to an unrelated purchaser bidding in a market on an ordinary commercial basis for business of the kind disposed of, without any sort of discount or incentive for the business being offered.

    not‑for‑profit insurer means an insurer which is not registered as a for profit insurer.

12.                  Merger and acquisition under section 33 of the Act
       (1)                   If a private health insurer (the transferee insurer) and one or more other private health insurers (the transferor insurers) enter into an arrangement (the arrangement) under which some or all of the policies that are referable to a health benefits fund or funds (transferring funds) of the transferor private health insurer or transferor private health insurers, are to become referable to a health benefits fund or funds (receiving funds) of the transferee insurer, in accordance with section 33 of the Act, the following rules apply.
       (2)                   The transferor insurer(s) and the transferee insurer must make a written and dated record of the arrangement which is signed on behalf of each party to the arrangement.
       (3)                   The arrangement must do the following:
           (a)          identify the transferring fund or funds; and

           (b)          identify the receiving fund or funds; and

           (c)          identify the date, or means of determining the date, on which the arrangement is to take effect, which must not be before APRA approves the arrangement in writing (the transfer date); and

           (d)          state, for each transferring fund:

(i)            whether all of the policies are to become referable to a receiving fund; and
(ii)         if not all of the policies are to become referable to a receiving fund, specify the policy group or groups for the policies which are to become referable to a receiving fund on the transfer date; and
           (e)          if there is more than one receiving fund, specify for each receiving fund which policy group's or groups' policies are to become referable to the receiving fund on the transfer date;

           (f)           for each receiving fund, specify the assets of, and liabilities incurred for the purposes of, a transferring fund which are to become assets of,