Commonwealth Numbered Acts

HEALTH INSURANCE COMMISSION AMENDMENT ACT (No. 2) 1976 No. 100 of 1976 - SECT 13

13. Section 42 of the Principal Act is repealed and the following section
subsituted:- Annual report of Commission.
''42. (1) The Commission shall, as soon as practicable after each 30 June,
prepare and furnish to the Minister a report of its operations during the year
ended on that date together with-

   (a)  financial statements in respect of that year, in such form as the
        Treasurer approves, with respect to its general functions; and

   (b)  financial statements in respect of that year, in such form as the
        Treasurer approves, with respect to the hospital benefits funds and
        medical benefits funds conducted by the Commission.

''(2) Before furnishing the financial statements to the Minister, the
Commission shall submit them to the Auditor-General, who shall report to the
Minister-

   (a)  whether, in his opinion, the statements are based on proper accounts
        and records;

   (b)  whether, in his opinion, the statements with respect to the general
        functions of the Commission are in agreement with the accounts and
        records;

   (c)  whether, in his opinion, the statements furnished in accordance with
        paragraph (1) (b) are in agreement with the accounts and records and
        show fairly the financial transactions of the Commission related to
        each hospital benefits fund and medical benefits fund conducted by the
        Commission and the state of each such fund;

   (d)  whether, in his opinion, the receipt, expenditure and investment of
        moneys, and the acquisition and disposal of assets, by the Commission
        during the year have been in accordance with this Act and, to the
        extent to which the National Health Act 1953 applied to and in
        relation to the receipt and expenditure of moneys by the Commission,
        the receipt and expenditure of moneys have also been in accordance
        with that Act; and

   (e)  as to such other matters arising out of the statements as the
        Auditor-General considers should be reported to the Minister.

''(3) The Commission shall set out, by way of a note to its financial
statements in respect of a year-

   (a)  the principles that were applicable in accordance with section 8D
        during the year;

   (b)  whether those principles differed from the principles that were
        applicable in the preceding year, and, if they differed, the manner in
        which they differed; and

   (c)  the principles in accordance with which the Commission made its
        determination in respect of that year under section 8E.

''(4) The Minister shall lay a copy of the report and financial statements of
the Commission, together with a copy of the report of the Auditor-General,
before each House of the Parliament within 15 sitting days of that House after
their receipt by the Minister.''.
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