Victorian Managed Insurance Authority (Amendment) Act 2001

i Victorian Managed Insurance Authority (Amendment) Act 2001 Act No. 50/2001 TABLE OF PROVISIONS Section Page PART 1—PRELIMINARY 1 1. Purpose 1 2. Commencement 2 PART 2—VICTORIAN MANAGED INSURANCE AUTHORITY ACT 1996 3 3. Definitions 3 4. New section 3A inserted 4 3A. Controlling interest 4 5. New section 4 substituted and section 4A inserted 4 4. Declaration of participating bodies 4 4A. Declaration that a body ceases to be a participating body 5 6. New sections 23 and 24 substituted 5 23. Asset registers and risk management strategies 6 24. Insurance 7 7. Indemnities 8 8. Statute law revision 8 PART 3—FINANCIAL MANAGEMENT ACT 1994 10 9. New section 44B inserted 10 44B. Asset registers and risk management strategies 10 ═══════════════ ENDNOTES 11 -- 1 of 12 -- 1 Victorian Managed Insurance Authority (Amendment) Act 2001 † [Assented to 27 June 2001] The Parliament of Victoria enacts as follows: PART 1—PRELIMINARY 1. Purpose The purpose of this Act is to amend the Victorian Managed Insurance Authority Act 1996 and the Financial Management Act 1994 with respect to insurance and risk management in the Victorian public sector. Victoria No. 50 of 2001 -- 2 of 12 -- Act No. 50/2001 Victorian Managed Insurance Authority (Amendment) Act 2001 2 2. Commencement This Act comes into operation on the day after the day on which it receives the Royal Assent. _______________ s. 2 -- 3 of 12 -- Act No. 50/2001 Victorian Managed Insurance Authority (Amendment) Act 2001 3 PART 2—VICTORIAN MANAGED INSURANCE AUTHORITY ACT 1996 3. Definitions In section 3 of the Victorian Managed Insurance Authority Act 1996— (a) after the definition of "Board" insert— ' "controlling interest" has the meaning given in section 3A;'; (b) for the definition of "participating body" substitute— ' "participating body" means, subject to section 4A— (a) a body that was a participating body for the purposes of this Act immediately before the commencement of section 3 of the Victorian Managed Insurance Authority (Amendment) Act 2001; or (b) a statutory authority that in the current or any previous financial year has received more than 50% of its funding from the Consolidated Fund; or (c) a body corporate (other than a statutory authority)— (i) that in the current or any previous financial year has received more than 50% of its funding from the Consolidated Fund; and (ii) in which the State has a controlling interest; See: Act No. 11/1996. Reprint No. 1 as at 16 September 1999. LawToday: www.dms. dpc.vic. gov.au s. 3 -- 4 of 12 -- Act No. 50/2001 Victorian Managed Insurance Authority (Amendment) Act 2001 4 (d) a person or body declared under section 4 to be a participating body for the purposes of this Act;'. 4. New section 3A inserted After section 3 of the Victorian Managed Insurance Authority Act 1996 insert— "3A. Controlling interest For the purposes of this Act, the State has a controlling interest in a body if— (a) at least 50% of the shares in the body are held by, or on behalf of, the State or a statutory authority; or (b) at least 50% of the directors (by whatever name called) of the body are appointed by, or at the direction of, the State or a statutory authority.". 5. New section 4 substituted and section 4A inserted For section 4 of the Victorian Managed Insurance Authority Act 1996 substitute— '4. Declaration of participating bodies (1) The Minister, by notice published in the Government Gazette, may declare any of the following to be a participating body for the purposes of this Act— (a) a department of the Parliament; (b) a statutory authority (other than a statutory authority referred to in paragraph (b) of the definition of "participating body" in section 3); (c) a body corporate in which the State has a controlling interest (other than a body corporate referred to in paragraph (c) of s. 4 -- 5 of 12 -- Act No. 50/2001 Victorian Managed Insurance Authority (Amendment) Act 2001 5 the definition of "participating body" in section 3). (2) The Minister may declare a department of the Parliament to be a participating body only with the agreement of the President of the Legislative Council and the Speaker of the Legislative Assembly. (3) The Minister may declare a statutory authority referred to in sub-section (1)(b) or a body corporate referred to in sub-section (1)(c) to be a participating body only if, after consultation with the Board and the board of management of the statutory authority or body corporate, the Minister is satisfied that it is expedient to do so. (4) The Minister, by notice published in the Government Gazette, may at any time revoke a declaration made under sub-section (1). 4A. Declaration that a body ceases to be a participating body The Minister, by notice published in the Government Gazette, may declare that a body referred to in paragraph (b) or (c) of the definition of "participating body" in section 3 ceases to be a participating body from the date specified in the notice.'. 6. New sections 23 and 24 substituted s. 4A -- 6 of 12 -- Act No. 50/2001 Victorian Managed Insurance Authority (Amendment) Act 2001 6 For sections 23 and 24 of the Victorian Managed Insurance Authority Act 1996 substitute— "23. Asset registers and risk management strategies (1) A department or participating body that is not a department or public body within the meaning of the Financial Management Act 1994 must— (a) maintain a register of assets held or managed by it; and (b) develop, implement and keep under review a risk management strategy. Note: Section 44B of the Financial Management Act 1994 requires a department or public body within the meaning of that Act to maintain a register of assets and develop, implement and keep under review a risk management strategy. (2) The register of assets is to be in the form, and contain the information, determined by the Authority. (3) Each department and participating body must give the Authority, at the intervals determined by the Authority— (a) a copy of its register of assets and risk management strategy under this section or section 44B of the Financial Management Act 1994 (as the case may be) or an extract from the register of assets and risk management strategy in the form, and containing the information, required by the Authority; and (b) a report on the implementation of its risk management strategy. -- 7 of 12 -- Act No. 50/2001 Victorian Managed Insurance Authority (Amendment) Act 2001 7 (4) As soon as practicable after receiving a copy of a register of assets or risk management strategy or a report under sub-section (3), the Authority must report to the Minister and the department or participating body that gave the copy or report to the Authority, on the adequacy of the register of assets, risk management strategy or report. 24. Insurance (1) Except as otherwise provided by this section, a department or participating body must— (a) arrange its insurance with the Authority; and (b) pay the premiums determined by the Authority with the approval of the Minister at the times determined by the Authority with the approval of the Minister. (2) Nothing in this section affects the application of the Accident Compensation Act 1985 or the Transport Accident Act 1986 to a department or participating body. (3) The Minister may direct the Authority in writing not to provide insurance of a kind specified in the direction to a department or participating body, or class of departments or participating bodies, specified in the direction. (4) The Minister, after consultation with the Board, may exempt a department or participating body from any requirement of sub-section (1). (5) The Authority may provide insurance to a department or participating body jointly or s. 6 -- 8 of 12 -- Act No. 50/2001 Victorian Managed Insurance Authority (Amendment) Act 2001 8 by arrangement with any other department or participating body.". 7. Indemnities In section 25 of the Victorian Managed Insurance Authority Act 1996— (a) in sub-section (1), after "statutory authority" insert "(other than the Authority)"; (b) in sub-section (2), for the definition of "officer" substitute— ' "officer", in relation to a State company or statutory authority, means— (a) a director or member of the board of management of the company or authority; or (b) a secretary, executive officer or other person concerned in, or who takes part in, the management of the company or authority; or (c) in the case of a statutory authority that does not have a board of management—a member of the authority;'. 8. Statute law revision In the Victorian Managed Insurance Authority Act 1996— (a) in section 5(3), before "seal" insert "official"; (b) in section 18(3)(a), omit "of Directors"; (c) insert the following heading to section 19— "Corporate plans"; (d) in section 19, for "strategic plan" substitute "corporate plan"; s. 7 -- 9 of 12 -- Act No. 50/2001 Victorian Managed Insurance Authority (Amendment) Act 2001 9 (e) in section 27(3), for "Corporation" substitute "Authority". _______________ s. 8 -- 10 of 12 -- Act No. 50/2001 Victorian Managed Insurance Authority (Amendment) Act 2001 10 PART 3—FINANCIAL MANAGEMENT ACT 1994 9. New section 44B inserted After section 44A of the Financial Management Act 1994 insert— "44B. Asset registers and risk management strategies (1) A department or public body must— (a) maintain a register of assets held or managed by it; and (b) develop, implement and keep under review a risk management strategy. (2) The register of assets is to be in the form, and contain the information, determined by the Minister after consultation with the Victorian Managed Insurance Authority.". ═══════════════ See: Act No. 18/1994. Reprint No. 4 as at 19 April 2000. LawToday: www.dms. dpc.vic. gov.au s. 9 -- 11 of 12 -- Act No. 50/2001 Victorian Managed Insurance Authority (Amendment) Act 2001 11 ENDNOTES † Minister's second reading speech— Legislative Assembly: 3 May 2001 Legislative Council: 12 June 2001 The long title for the Bill for this Act was "to amend the Victorian Managed Insurance Authority Act 1996 and the Financial Management Act 1994 with respect to insurance and risk management in the Victorian public sector and for other purposes." Endnotes -- 12 of 12 --