Document ID: chunk:federal_register_of_legislation:C2004A01154:clause:1_16
Version: federal_register_of_legislation:C2004A01154
Segment Type: clause
Provision Reference: sch 1 cl 16
Character Range: 4142–4792

16  Subsection 73BC(1)
Repeal the subsection, substitute:

 (1) This section provides for:
 (a) the establishment of the Health Benefits Reinsurance Trust Fund; and
 (b) payments to be made into the Fund in relation to amounts that registered health benefits organizations pay by way of:
 (i) Reinsurance Trust Fund levy; and
 (ii) late payment penalty in respect of an unpaid amount of that levy; and
 (c) payments to be made out of the Fund to registered health benefits organizations for the purpose of reallocating the amounts of benefits paid by the organizations.
The Commonwealth, States and Territories may also make payments into the Fund.