Restriction on certain business
5 Restriction on certain business
An association shall not carry on medical benefit business or hospital benefit business unless—
it is carrying on that business at the time of the passing of this Act; or
it is registered as a medical benefits organisation or a hospital benefits organisation under the Commonwealth Act entitled the National Health Act 1953, as amended (or any corresponding subsequent enactment) or the regulations thereunder.
In this section—
hospital benefit business means the business of making and carrying out contracts under which an association in consideration of the payment of contributions undertakes to make payments to contributors or others in respect of any hospital treatment in relation to which benefit is payable under the laws of the Commonwealth;
medical benefit business means the business of making and carrying out contracts under which an association in consideration of the payment of contributions undertakes to make payments to contributors or others in respect of any medical services in relation to which benefit is payable under the laws of the Commonwealth.
The Minister may at his discretion grant an exemption from this section to any association which has made a deposit with the Treasurer of the Commonwealth under the Insurance Act 1932, as amended (or any corresponding subsequent enactment) of the Commonwealth.
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