Document ID: chunk:federal_register_of_legislation:C2023C00421:section:21
Version: federal_register_of_legislation:C2023C00421
Segment Type: section
Provision Reference: s 21
Character Range: 35848–38155

21  Regulated insurance contracts

Regulated insurance contract
 (1) For the purposes of this Division, a contract is a regulated insurance contract if:
 (a) the contract is a contract of insurance under which the insurer provides medical indemnity cover for a health care professional in relation to compensation claims; and
 (b) the health care professional is:
 (i) a medical practitioner; or
 (ii) a registered health professional prescribed by the regulations; and
 (c) the cover provided for by the contract is claims‑made based cover; and
 (d) the contract is entered into, comes into effect or is renewed on or after 1 July 2003.
Note: Paragraph (c)—for claims‑made based cover, see subsections 6(2) and (3). For the purposes of this section, extended reporting benefit cover and death, disability and retirement cover are not claims‑made based cover.

Client
 (2) For the purposes of this Division, the client for the regulated insurance contract is the other party to the regulated insurance contract (who may be the health care professional or someone else).

Claims period
 (3) For the purposes of this Division, the claims period for the regulated insurance contract is the period specified in the contract as the period during which a compensation claim against the health care professional has to be made for medical indemnity cover to be provided in relation to the compensation claim.
Note: Subsection 4(9) operates on the reference to the claim having to be made during a period.

Health care professional's otherwise uncovered prior incidents
 (4) For the purposes of this Division, the health care professional's otherwise uncovered prior incidents for the regulated insurance contract are:
 (a) for an offer to be made under section 22—the health care incidents:
 (i) that occurred before the start of the claims period for the regulated insurance contract; and
 (ii) for which the health care professional would otherwise be without medical indemnity cover; and
 (b) for an offer to be made under section 23—the health care incidents:
 (i) that have occurred, or will occur, before the contract that arises from the offer would take effect; and
 (ii) for which the health care professional would otherwise be without medical indemnity cover.

Subdivision B—Insurer's responsibilities