Treasurer may require price discrepancies to be explained
41 Treasurer may require price discrepancies to be explained
If an insurer has a price discrepancy for a financial year, the Treasurer may, by notice in writing served on an insurer, require the insurer to explain the price discrepancy.
The notice may require the insurer to indicate any measures that will be taken by the insurer to remedy the price discrepancy.
The insurer must respond to the notice within 21 days after the notice is served on the insurer or by a later date specified by the Treasurer in the notice.
If the insurer fails to respond to the notice, or the Treasurer is not satisfied with the insurer’s response to the notice, the Treasurer may make public the fact that the insurer has a price discrepancy for the financial year. The Treasurer may identify the insurer and the financial year to which the price discrepancy relates.
This section does not authorise the Treasurer, or a person employed in the Treasury, to disclose to any person other than a person employed in the Treasury—
the final contribution amount payable by the insurer for the financial year, or
the total amount of attributed charges of the insurer for the financial year, or
the amount of any price discrepancy.
This Act’s bill:Explanatory memorandumSecond reading speech
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