Guide to the run‑off cover support payment provisions
57 Guide to the run‑off cover support payment provisions
Division 2B of Part 2 provides for the payment of run‑off cover indemnities.
The Medical Indemnity (Run‑off Cover Support Payment) Act 2004 (the Payment Act):
imposes payments on medical indemnity insurers for contribution years; and
specifies the amount of those payments (by reference to an insurer’s premium income for the contribution year).
This Division contains further provisions relating to the payment.
The following table tells you where to find the provisions dealing with various issues:
Where to find the provisions on various issues | ||
|---|---|---|
Item | Issue | Provisions |
1 | which years are contribution years? | section 5 of the Payment Act |
2 | who must pay the run‑off cover support payment? | section 58 of this Act |
3 | who is exempt from the run‑off cover support payment? | section 59 of this Act |
4 | what is the amount of the run‑off cover support payment? | section 6 of the Payment Act |
5 | what is the time for paying the run‑off cover support payment? | section 61 of this Act |
6 | when is late payment penalty payable? | section 65 of this Act |
7 | what method should be used to pay the run‑off cover support payment? | section 66 of this Act |
8 | what happens if an amount of run‑off cover support payment is overpaid? | section 67 of this Act |
9 | how are run‑off cover support payments and late payment penalties recovered? | sections 68 to 70 of this Act |
10 | what information has to be provided to the Chief Executive Medicare about run‑off cover support payment matters? | sections 71 and 72 of this Act |
This Act’s bill:Explanatory memorandumSecond reading speech
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