Sixth report on the costs of the Australian Government’s
Run-Off Cover Scheme for medical indemnity insurers
2009-10 financial year
1.1 This report has been prepared to comply with certain requirements of the Medical Indemnity Act 2002 (Medical Indemnity Act). Section 34ZW of the Medical Indemnity Act provides for a report on aspects of the Run-Off Cover Scheme (the Scheme) to be tabled each year in Parliament. The report is required to contain a statement of the:
- number of persons eligible for membership of the Scheme;
- total Run-Off Cover indemnity payments (ROC indemnity payments) paid by the Commonwealth during the financial year, including claims handling and administration expenses;
- total Run-Off Cover support payments (ROC support payments) paid to the Commonwealth during the financial year; and
- projected liabilities of the Scheme in future financial years.
1.2 This is the sixth report that has been prepared under section 34ZW of the Medical Indemnity Act. It relates to financial year 2009-10. The fifth report was tabled in Parliament on 11 May 2010.