Medical Indemnity Agreement (Financial Assistance—Binding Commonwealth Obligations) Act 2002

The Medical Indemnity Agreement (Financial Assistance—Binding Commonwealth Obligations) Act 2002 is an Australian Act that deals with binding Commonwealth obligations to provide financial assistance under indemnity agreements relating to Australasian Medical Insurance Limited and United Medical Protection Limited. The Act aims to ensure that the Commonwealth provides financial assistance to these two insurance companies in accordance with their indemnity agreements.

The Act outlines the responsibilities of the Commonwealth, including paying amounts required to be paid by the Commonwealth under a Medical Indemnity Agreement to the insurance companies and their insolvency representatives. It also sets out the procedures for tabling statements about payments made by the Commonwealth and tabled medical indemnity agreements in both Houses of Parliament.

The Act is designed to provide clarity and certainty for the Commonwealth's obligations under the indemnity agreements, and to ensure that financial assistance is provided in a timely and transparent manner. The legislation applies from the date of Royal Assent.