Document ID: chunk:federal_register_of_legislation:C2025C00173:section:23
Version: federal_register_of_legislation:C2025C00173
Segment Type: section
Provision Reference: s 23
Character Range: 40167–41705

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.