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Private Health Insurance Legislation Amendment Bill 2008

Schedule 3 The requirement for private health insurers to be companies

Part 1 Amendments

Private Health Insurance Act 2007

1  Paragraph 126-10(1)(a)

Omit “, or a registered body within the meaning of that Act”.

2  At the end of subsection 126-45(1)

Add:

               ; or (c)  on or after 1 January 2010, the insurer is not a company within the meaning of the Corporations Act 2001 .



 

Part 2 Transitional provisions

3  Applications for registration for which decisions are pending

An application made before the commencement of this item for registration as a private health insurer is taken, on that commencement, not to be a valid application under section 126-10 of the Private Health Insurance Act 2007 if, as at that commencement:

                     (a)  the applicant was not a company within the meaning of the Corporations Act 2001 ; and

                     (b)  the Council had not decided the application under section 126-20 of the Private Health Insurance Act 2007 .

4  Exemption from stamp duty etc. relating to certain private health insurers becoming companies

(1)        Stamp duty, or any other tax, imposed under a law of a State or Territory is not payable in relation to a thing done (including, for example, a transaction entered into or an instrument or document made, executed, lodged or given) for the purpose of, because of or as a result of the registration of a body as a company if:

                     (a)  the thing is done after the commencement of this item and before 1 January 2010; and

                     (b)  at the time the thing is done, the body is a private health insurer; and

                     (c)  the registration as a company is solely for the purpose of avoiding the body’s registration as a private health insurer being cancelled under paragraph 126-45(1)(c) of the Private Health Insurance Act 2007 .

(2)        In this item:

company means a company within the meaning of the Corporations Act 2001 .

private health insurer means a person registered under Part 4-3 of the Private Health Insurance Act 2007 , and includes a body that is taken to be a private health insurer because of section 18 of the Private Health Insurance (Transitional Provisions and Consequential Amendments) Act 2007 .