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Thursday, 15 June 1989
Page: 4161

Senator SHEIL(8.25) —This $20m is becoming even more mystical as we go along. The very fact that the Government is giving $20m for reinsurance purposes shows that the Government realises the medical insurance companies will be disadvantaged by this legislation. I now know that it is going into a private fund that will be used for investment purposes. I suppose out of that the Insurance Commission will dole it out a bit at a time to the insurance companies as they get into trouble. The Government has estimated the amount of trouble that they will get into will be $20m. I do not know on what grounds it has estimated that figure. But what say it is $40m or $15m? In other words, it could be more or less than $20m. What will happen to those funds in either circumstance?