1Purpose
The purpose of this Act is to establish the Victorian Managed Insurance Authority.
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Bill homepage (legislation.vic.gov.au)The purpose of this Act is to establish the Victorian Managed Insurance Authority.
Part 1 comes into operation on the day on which this Act receives the Royal Assent.
Subject to subsection (3), the remaining provisions of this Act come into operation on a day or days to be proclaimed.
If a provision referred to in subsection (2) does not come into operation within the period of 6 months beginning on, and including, the day on which this Act receives the Royal Assent, it comes into operation on the first day after the end of that period.
In this Act—
Authority means the Victorian Managed Insurance Authority established by this Act;
Board means the board of directors of the Authority;
S. 3 def. of controlling interest inserted by No. 50/2001 s. 3(a).
controlling interest has the meaning given in section 3A;
S. 3 def. of department amended by Nos 46/1998 s. 7(Sch. 1), 108/2004 s. 117(1) (Sch. 3 item 225.1), 37/2014 s. 10(Sch. item 181).
department means—
a Department within the meaning of the Public Administration Act 2004; or
an office or body specified in section 16(1) of that Act;
director means director of the Authority;
guarantee includes indemnity;
S. 3 def. of insurance business inserted by No. 40/2004 s. 47.
insurance business means the business of undertaking liability, by way of insurance (including reinsurance), in respect of any loss or damage, including liability to pay damages or compensation, contingent upon the happening of a specified event;
S. 3 def. of insurance services inserted by No. 40/2004 s. 47.
insurance services means any services which are ancillary to or arise out of the provision of insurance;
S. 3 def. of participating body substituted by No. 50/2001 s. 3(b).
participating body means, subject to section 4A—
a body that was a participating body for the purposes of this Act immediately before the commencement of section 3 of the Victorian Managed Insurance Authority (Amendment) Act 2001; or
a statutory authority that in the current or any previous financial year has received more than 50% of its funding from the Consolidated Fund; or
a body corporate (other than a statutory authority)—
that in the current or any previous financial year has received more than 50% of its funding from the Consolidated Fund; and
in which the State has a controlling interest;
a person or body declared under section 4 to be a participating body for the purposes of this Act;
SIO means the State Insurance Office constituted and incorporated under the State Insurance Office Act 1984.
S. 3A inserted by No. 50/2001 s. 4.
For the purposes of this Act, the State has a controlling interest in a body if—
at least 50% of the shares in the body are held by, or on behalf of, the State or a statutory authority; or
at least 50% of the directors (by whatever name called) of the body are appointed by, or at the direction of, the State or a statutory authority.
S. 4 substituted by No. 50/2001 s. 5.
The Minister, by notice published in the Government Gazette, may declare any of the following to be a participating body for the purposes of this Act—
a department of the Parliament;
a statutory authority (other than a statutory authority referred to in paragraph (b) of the definition of participating body in section 3);
a body corporate in which the State has a controlling interest (other than a body corporate referred to in paragraph (c) of the definition of participating body in section 3).
The Minister may declare a department of the Parliament to be a participating body only with the agreement of the President of the Legislative Council and the Speaker of the Legislative Assembly.
The Minister may declare a statutory authority referred to in subsection (1)(b) or a body corporate referred to in subsection (1)(c) to be a participating body only if, after consultation with the Board and the board of management of the statutory authority or body corporate, the Minister is satisfied that it is expedient to do so.
The Minister, by notice published in the Government Gazette, may at any time revoke a declaration made under subsection (1).
S. 4A inserted by No. 50/2001 s. 5.
The Minister, by notice published in the Government Gazette, may declare that a body referred to in paragraph (b) or (c) of the definition of participating body in section 3 ceases to be a participating body from the date specified in the notice.
There is established a body by the name "Victorian Managed Insurance Authority".
The Authority—
is a body corporate with perpetual succession;
has an official seal;
may sue and be sued;
may acquire, hold and dispose of real and personal property;
may do and suffer all acts and things that a body corporate may by law do and suffer.
S. 5(3) amended by No. 50/2001 s. 8(a).
All courts must take judicial notice of the official seal of the Authority affixed to a document and, until the contrary is proved, must presume that it was duly affixed.
The official seal of the Authority must be kept in such custody as the Authority directs and must not be used except as authorised by the Authority.
The functions of the Authority are—
to assist departments and participating bodies to establish programs for the identification, quantification and management of risks;
to monitor risk management by departments and participating bodies;
to act as an insurer for, or provide insurance services to, departments and participating bodies;
to provide indemnities to officers as referred to in Part 3;
S. 6(da) inserted by No. 102/2003 s. 39.
to provide insurance or indemnities to persons or bodies in accordance with section 25A;
to provide risk management advice to the State and to provide risk management advice and training to departments and participating bodies;
S. 6(ea) inserted by No. 52/2005 s. 31(1), repealed by No. 37/2016 s. 6.
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to carry out such other functions as are conferred on it by this or any other Act.
S. 7 amended by No. 40/2004 s. 48 (ILA s. 39B(1)).
For the purpose of performing its functions, the Authority—
has such powers as are conferred on it by this or any other Act; and
may do all other things necessary or convenient to be done for or in connection with, or as incidental to, the achievement of its objectives or the performance of its functions.
S. 7(2) inserted by No. 40/2004 s. 48.
Without limiting or derogating from the generality of subsection (1), the Authority may undertake and carry on in Victoria or elsewhere insurance business for the purpose of providing insurance or insurance services under and for the purposes of this Act.
S. 7(3) inserted by No. 40/2004 s. 48.
Subsection (2) is not limited by reference to the practices, usages, form and procedure for the time being followed by other persons engaged in the general insurance business.
S. 7(4) inserted by No. 51/2005 s. 75, repealed by No. 58/2012 s. 131.
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In the exercise of its powers and performance of its functions, the Authority is subject to the general direction and control of the Minister.
The Minister must not give a direction under this section that is inconsistent with the functions of the Authority.
A direction under this section may include a direction concerning corporate performance measures for the Authority which the Authority is to aim to meet.
As soon as possible after giving a direction in writing to the Board, the Minister must cause a copy of the direction to be published in the Government Gazette.
S. 8(4A) inserted by No. 52/2005 s. 31(2), repealed by No. 37/2016 s. 6.
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The Authority must include in its annual report under the Financial Management Act 1994 a copy of each direction given to it in writing by the Minister during the year to which the report relates.
The Authority may, by instrument under its official seal, delegate to—
2 or more directors; or
S. 9(b) substituted by No. 44/2014 s. 31.
an officer of the Authority; or
the members of a committee established by the Authority; or
with the consent of the Minister, any other person or class of persons—
any power of the Authority, other than—
this power of delegation; and
any other power that is prescribed for the purposes of this section.
There shall be a board of directors of the Authority.
The Board—
is responsible for the management of the affairs of the Authority;
may exercise the powers of the Authority, including the power of delegation.
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