'Not For Profit' To 'for Profit' Health Fund
Medibank was previously run as a not for profit organisation and currently operates as a for-profit Government Business Enterprise with dividends paid to the Federal Government. In May 2009 the Rudd Labor government announced that Medibank would become a 'for profit' business and would therefore in future pay tax on its earnings. The process of converting the status of the business was completed on 1 October 2009, following approval from the regulator PHIAC. (The Private Health Insurance Administration Council (PHIAC) is an independent Statutory Authority that regulates the private health insurance industry. Private health insurance policy is set down by the Australian Government Department of Health and Ageing.)
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