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Wednesday, 4 March 1970

As proposed by the Nimmo Committee in recommendation 31, registered funds will be required to restrict their management expenses to specified limits. For this purpose, legislation will be introduced to enable the maximum permissible management expense levels for hospital and medical funds to be prescribed by regulations. The Government has also decided that, if such action proves necessary in the light of future developments, reimbursements of benefits by the Commonwealth to a fund whose management expenses have exceeded the prescribed limits may be reduced by an amount equal to the amount of the excess expenses.

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