Medical Indemnity (Prudential Supervision and Product Standards) Act 2003

The Medical Indemnity (Prudential Supervision and Product Standards) Act 2003 is an Australian law that provides for medical indemnity cover for health care professionals. The Act aims to ensure that health care professionals have access to medical indemnity cover that is provided by properly regulated insurers, while also specifying minimum standards for medical indemnity cover.

The Act defines key terms such as "medical indemnity insurer," "health care incident," and "claims-made based cover." It also outlines the obligations of health care professionals in relation to their practice and the provision of medical indemnity cover. The Act requires that general insurers provide medical indemnity cover for health care professionals, and intermediaries have specific responsibilities in this regard.

The Act also sets out product standards for medical indemnity insurance contracts, including minimum cover amounts and rules for the provision of retroactive and run-off cover for otherwise uncovered prior incidents. Additionally, it provides for the administration of the Act, including the role of APRA and ASIC in overseeing the prudential supervision and regulation of insurers.

The Act has been amended several times since its inception, with updates to reflect changing regulatory requirements and emerging issues in the industry. The latest version of the Act includes provisions related to self-repealing provisions, modifications, and other changes.

Overall, the Medical Indemnity (Prudential Supervision and Product Standards) Act 2003 plays a critical role in protecting the interests of health care professionals and ensuring that they have access to adequate medical indemnity cover.