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Medical Indemnity (IBNR Indemnity) Contribution Amendment Bill 2003
Schedule 1 Medical Indemnity (IBNR Indemnity) Contribution Act 2002

   

1  Subsection 5(3)

Repeal the subsection, substitute:

             (3)  The imposition day for a contribution year for a participating MDO is:

                     (a)  for the contribution year that starts on 1 July 2003:

                              (i)  1 March 2004; or

                             (ii)  such other day as is specified in the regulations as the imposition day for the contribution year; and

                     (b)  for a later contribution year:

                              (i)  1 August in the contribution year; or

                             (ii)  such other day as is specified in the regulations as the imposition day for the contribution year.

2  Before subsection 6(1)

Insert:

          (1A)  The amount of the IBNR indemnity contribution imposed on a participating member of a participating MDO for the contribution year for the MDO that starts on 1 July 2003 is the lesser of:

                     (a)  the applicable percentage of the member’s annual subscription for the base year; and

                     (b)  $1,000.

          (1B)  The amount of the IBNR indemnity contribution imposed on a participating member of a participating MDO for the contribution year for the MDO that starts on 1 July 2004 is the amount worked out by adding:

                     (a)  half of the applicable percentage of the member’s annual subscription for the base year; and

                     (b)  the lesser of:

                              (i)  $500; and

                             (ii)  half of the applicable percentage of the member’s annual subscription for the base year.

3  Subsection 6(1)

After “the MDO”, insert “that starts on or after 1 July 2005”.

 

 

 

 

 

 

 

[ Minister’s second reading speech made in—

House of Representatives on 6 November 2003

Senate on 26 November 2003 ]

(175/03)