You will require this registration if you intend to operate as a private health insurer and carry on a health insurance business.
You be registered as either:
- a profit insurer
- a restricted access insurer.
A restricted access insurer is a company that, under its rules or constitution, only provides insurance policies and products to a specific group of people, trade, industry or particular employer. Restricted access insurers cannot issue insurance policies to anyone who does not belong to the group.
After being registered as a restricted access insurer you can apply to convert to a for profit insurer.
As a registered insurer you must always have a health benefits fund or funds.