Commonwealth Consolidated Acts

MEDICAL INDEMNITY ACT 2002 - SECT 80

  (1)   The Minister may, by legislative instrument, make rules prescribing matters:

  (a)   required or permitted by this Act to be prescribed by the rules; or

  (b)   necessary or convenient to be prescribed for carrying out or giving effect to this Act.

  (2)   To avoid doubt, the rules may not do the following:

  (a)   create an offence or civil penalty;

  (b)   provide powers of:

  (i)   arrest or detention; or

  (ii)   entry, search or seizure;

  (c)   impose a tax;

  (d)   set an amount to be appropriated from the Consolidated Revenue Fund under an appropriation in this Act;

  (e)   directly amend the text of this Act.

  (3)   Rules that are inconsistent with the regulations have no effect to the extent of the inconsistency, but rules are taken to be consistent with the regulations to the extent that the rules are capable of operating concurrently with the regulations.

Method statement

Step 1.   For the first financial year after 30   June 2004 in which a medical indemnity insurer provided medical indemnity cover for the practitioner under a contract of insurance, multiply:

  (a)   the practitioner's run - off cover credit for the financial year; by

  (b)   the interest rate adjustment for the financial year (see subsection   (4)).

Step 2.   For each subsequent financial year (if any) until the financial year in which the termination date occurs, multiply:

  (a)   the sum of the practitioner's run - off cover credit for the financial year and the amount worked out, under Step 1 or this Step, for the immediately preceding financial year; by

  (b)   the interest rate adjustment for the financial year (see subsection   (4)).

Step 3.   Add together:

  (a)   the practitioner's run - off cover credit for the financial year in which the termination date occurs; and

  (b)   the last of the amounts worked out under Step 1 or Step 2.

  The result is the practitioner's total run - off cover credit .