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The Indemnity Insurance Fund (the Fund) is an Australian Government initiative administered by the Department of Health designed to consolidate funds that provide Commonwealth support for medical indemnity and professional indemnity for midwives.
Fund objectives and priorities
Broadly, the Fund’s primary objective is to streamline the administration of existing Government schemes with the following priorities:
- Promote stability of the medical indemnity insurance industry - to ensure the ongoing stability of the medical indemnity insurance industry, the department will continue to monitor the operations and activities of medical indemnity insurers;
- Keep premiums affordable for doctors - a stable and competitive medical indemnity industry assists in keeping medical indemnity premiums affordable for doctors;
- Ensure availability of professional indemnity insurance for eligible midwives – the Government has contracted an insurer, Medical Insurance Group Australia, to provide professional indemnity insurance to eligible midwives.
- High Cost Claims Scheme
- Premium Support Scheme
- Incurred-But-Not-Reported Claims Scheme
- Run-off Cover Scheme
- Midwife Professional Indemnity Commonwealth Contribution Schemes
- Midwife Professional Indemnity Run-off Cover Scheme