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This Act may be cited as the Private Health Insurance (Risk Equalisation Levy) Act 2003.
This Act commences on 1 July 2004.
This Act binds the Crown in each of its capacities.
This Act extends to Norfolk Island, to the Territory of Cocos (Keeling) Islands and to the Territory of Christmas Island.
In this Act, unless the contrary intention appears:
APRA means the Australian Prudential Regulation Authority.
private health insurer has the same meaning as in the Private Health Insurance Act 2007.
risk equalisation levy means a risk equalisation levy imposed under section 6.
risk equalisation levy day means a risk equalisation levy day specified in Private Health Insurance (Risk Equalisation Levy) Rules made for the purposes of section 6.
supplementary risk equalisation levy day means a supplementary risk equalisation levy day specified in a determination by the Minister under section 6.
Risk equalisation levy is imposed on each private health insurer:
on each day specified in the Private Health Insurance (Risk Equalisation Levy) Rules as a risk equalisation levy day for a financial year; and
on each day (if any) determined by the Minister, by legislative instrument, as a supplementary risk equalisation levy day for a financial year.
The Private Health Insurance (Risk Equalisation Levy) Rules must not specify more than 4 levy days for a financial year.
The determination by the Minister must not specify more than 2 supplementary levy days for a financial year.
The rate of risk equalisation levy imposed on a particular day is worked out using the following table:
Rate of risk equalisation levy | ||
|---|---|---|
Item | The rate of levy imposed on a … | is the rate that … |
1 | risk equalisation levy day | (a) is determined in writing by APRA; and (b) applies on that day. |
2 | supplementary risk equalisation levy day | (a) is determined in writing by the Minister; and (b) applies on that day. |
In determining the rate of levy, APRA and the Minister must comply with the Private Health Insurance (Risk Equalisation Policy) Rules made under the Private Health Insurance Act 2007.
The rate of levy may be set at zero.
An instrument made under paragraph (a) of item 1 or 2 of the table in subsection (1) is not a legislative instrument.
Before making a determination under section 6 or item 2 of the table in subsection 7(1), the Minister must obtain, and take into account, advice from APRA in relation to the following matters:
whether to make a determination under section 6;
the day that is to be, or the days that are to be, specified as the supplementary risk equalisation levy day or days for a financial year;
the rate that is to be specified as the rate of risk equalisation levy imposed on the supplementary risk equalisation levy day or days.
The Minister may, by legislative instrument, make Private Health Insurance (Risk Equalisation Levy) Rules providing for matters:
required or permitted by this Act to be provided; or
necessary or convenient to be provided in order to carry out or give effect to this Act.
The Governor‑General may make regulations prescribing matters:
required or permitted by this Act to be prescribed; or
necessary or convenient to be prescribed for carrying out or giving effect to this Act.
Before the Governor‑General makes regulations under subsection (1), the Minister must take into consideration any relevant recommendation made to the Minister by APRA.