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Amendment of section 7F of Principal Act.
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14.— Section 7F of the Principal Act is amended—
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(a) by substituting the following subsection for subsection (1):
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“(1) A registered undertaking or former registered undertaking shall, in respect of each year—
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(a) maintain and furnish to the Authority (before 1 April of the next succeeding year), in such form as may be specified by the Authority, a statement of profit and loss in respect of—
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(i) its relevant health insurance business in the State, and
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(ii) such other health insurance services, provided by the undertaking, as may be prescribed,
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(b) maintain and furnish to the Authority (before 1 April of the next succeeding year), in such form as may be specified by the Authority, a balance sheet in respect of—
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(i) its relevant health insurance business in the State, and
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(ii) such other health insurance services, provided by the undertaking, as may be prescribed,
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and
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(c) furnish to the Authority (before 1 April of the next succeeding year), such other information relating to the year as may be prescribed and, without limiting the generality of the foregoing, such information may include a statement of profit and loss and a balance sheet in respect of its relevant health insurance business in the State as it relates to those persons receiving age-related tax credits, in respect of health insurance contracts effected for any period before 1 January 2013, or receiving risk equalisation credits.”,
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(b) by substituting the following subsection for subsection (4):
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“(4) (a) The Authority shall, as soon as may be after the expiration of 2012, determine what would constitute a reasonable profit for a registered undertaking in respect of its relevant health insurance business in the State in respect of the period from 1 January 2010 to the end of 2012.
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(b) The Authority shall, as soon as may be after the expiration of 2013, determine what would constitute a reasonable profit for a registered undertaking in respect of its relevant health insurance business in the State in respect of the 3 year period from 1 January 2011 to the end of 2013.
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(c) Paragraph (b) shall, with all necessary modifications, apply to each relevant 3 year period as it applies to the 3 year period referred to in that paragraph.”,
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(c) in subsection (5), by substituting the following paragraph for paragraph (b):
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“(b) as soon as may be, make a determination as to whether or not the cumulative net financial impact of the relevant financial provisions on a registered undertaking or former registered undertaking is positive for—
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(i) if paragraph (a) of subsection (4) is applicable, the period from 1 January 2010 to the end of 2012,
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(ii) if paragraph (b) of subsection (4) is applicable, the period from 1 January of 2011 to the end of 2013, or
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(iii) if paragraph (c) of subsection (4) is applicable, the period from 1 January of the first year of the relevant 3 year period to the end of the last year of the relevant 3 year period,
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to which the information furnished to it under subsection (1) relates and, if so, the amount by which the cumulative net financial impact is positive.”,
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(d) in subsections (7)(e), (10) and (11), by substituting “the Fund” for “the Exchequer” wherever it appears, and
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(e) by inserting the following after subsection (13):
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“(14) In this section—
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‘relevant health insurance business in the State’, in relation to a registered undertaking or former registered undertaking, means so much of the undertaking’s health insurance business as falls within paragraph (b) of subsection (1) of section 7D after taking into account subsection (5) of that section;
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‘relevant 3 year period’ means—
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(a) the period from 1 January 2012 to the end of 2014,
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(b) the period from 1 January 2013 to the end of 2015,
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(c) the period from 1 January 2014 to the end of 2016,
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and so on for each succeeding 3 year period.”.
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