Medical Indemnity (IBNR Indemnity) Contribution Amendment Act 2003 (Cth)

Medical Indemnity (IBNR Indemnity) Contribution Amendment Act 2003

No. 120, 2003

An Act to amend the Medical Indemnity (IBNR Indemnity) Contribution Act 2002, and for related purposes

Contents 1 Short title 2 Commencement 3 Schedule(s)

Schedule 1—Medical Indemnity (IBNR Indemnity) Contribution Act 2002

Medical Indemnity (IBNR Indemnity) Contribution Amendment Act 2003

No. 120, 2003

An Act to amend the Medical Indemnity (IBNR Indemnity) Contribution Act 2002, and for related purposes

[Assented to 5 December 2003]

The Parliament of Australia enacts:

1 Short title

This Act may be cited as the Medical Indemnity (IBNR Indemnity) Contribution Amendment Act 2003.

2 Commencement

This Act is taken to have commenced on 1 July 2003.

3 Schedule(s)

Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.

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.