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Medical Indemnity (Prudential Supervision and Product Standards) Act 2003

No. 37, 2003

Compilation No. 7

Compilation date: 20 October 2023

Includes amendments up to: Act No. 76, 2023

Registered: 11 November 2023

About this compilation

This compilation

This is a compilation of the Medical Indemnity (Prudential Supervision and Product Standards) Act 2003 that shows the text of the law as amended and in force on 20 October 2023 (the compilation date).

The notes at the end of this compilation (the endnotes) include information about amending laws and the amendment history of provisions of the compiled law.

Uncommenced amendments

The effect of uncommenced amendments is not shown in the text of the compiled law. Any uncommenced amendments affecting the law are accessible on the Register (www.legislation.gov.au). The details of amendments made up to, but not commenced at, the compilation date are underlined in the endnotes. For more information on any uncommenced amendments, see the Register for the compiled law.

Application, saving and transitional provisions for provisions and amendments

If the operation of a provision or amendment of the compiled law is affected by an application, saving or transitional provision that is not included in this compilation, details are included in the endnotes.

Editorial changes

For more information about any editorial changes made in this compilation, see the endnotes.

Modifications

If the compiled law is modified by another law, the compiled law operates as modified but the modification does not amend the text of the law. Accordingly, this compilation does not show the text of the compiled law as modified. For more information on any modifications, see the Register for the compiled law.

Self‑repealing provisions

If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes.

Contents
Part 1—Introductory
Division 1—Preliminary
1 Short title
2 Commencement
3 Objects
Division 2—Interpretation
4 Definitions
5 Providing medical indemnity cover
6 Claims‑made based cover and incident‑occurring based cover
7 When certain death, disability and retirement arrangements are taken to be entered into
7A Reasonableness of premiums
Division 3—Application of Act
8 Application of Act
9 Act extends to external Territories
Part 2—Prudential requirements for provision of medical indemnity cover
10 Medical indemnity cover to be provided only by general insurers and only under contracts of insurance
11 Intermediary's responsibilities
Part 3—Product standards for medical indemnity insurance contracts
Division 1—Minimum cover
16 Minimum cover amount
17 Minimum cover for single claim
18 Minimum annual cover—incident‑occurring based cover
19 Minimum annual cover—other cover
20 Amount payable by insurer
Division 2—Offers to provide retroactive and run‑off cover for otherwise uncovered prior incidents
Subdivision A—Regulated insurance contracts
21 Regulated insurance contracts
Subdivision B—Insurer's responsibilities
22 Additional