Payment
Can insurers charge doctors for ROCS cover?
How do I find out how much of my premium is going to fund the ROCS?
Can I find out the total amount contributed to the ROCS on my behalf?
If I am already eligible for ROCS, will I still be covered if ROCS is terminated?
If I am not eligible, will I be compensated if ROCS is terminated?
Who will handle any claims that may arise against me after I have entered ROCS?
What is the ROCS support payment rate?
Will invoices for medical indemnity premiums show the ROCS component?
Payment
Can insurers charge doctors for ROCS cover?
No. However insurers can sell doctors additional run-off if cover if the cover under their last contract was inadequate.
How do I find out how much of my premium is going to fund the ROCS?
The ROCS is funded through a charge on insurers’ premium income called the ROCS Support Payment (ROCS SP). Insurers are required to show the amount of the ROCS SP on your premium invoice. The current charge is 5% of the premium.
Can I find out the total amount contributed to the ROCS on my behalf?
Yes. The Department of Human Services, Medicare has the power to advise a doctor of their run-off cover credit on an annualised basis if you request it. The contribution made each year on behalf of individual doctors by medical indemnity insurers will be recorded by Medicare as notional run-off cover credits. Interest, at the short-term bond rate, will be added to these amounts annually.
If I am already eligible for ROCS, will I still be covered if ROCS is terminated?
If you are already eligible for the ROCS and the scheme is terminated, you will continue to be covered for valid claims under the scheme.
However, if you are not eligible on the termination date, you will not be eligible for future cover under the ROCS.
In the event ROCS were terminated, doctors who have contributed to the ROCS Support Payment will be able to get their contribution back (if the Government does not establish another scheme to provide run-off cover to doctors).
If I am not eligible, will I be compensated if ROCS is terminated?
Under the legislation, if the ROCS were terminated, doctors who are not eligible for the ROCS on the termination date but in respect of whom an medical indemnity insurer had made a ROCS Support Payment for at least 12 months’ worth of premium would receive a contribution towards their future run-off cover costs, which would not exceed the value of the total ROCS Support Payment plus interest.
Who will handle any claims that may arise against me after I have entered ROCS?
If you become aware of a claim after you have become eligible for the ROCS, you will need to notify your medical indemnity insurer or Medical Defence Organsiation which will handle your claim.
What is the current ROCS support payment rate?
The ROCS SP is set by regulation at a percentage of an medical indemnity insurer’s total gross medical indemnity premium income for a 12 month period – currently 5% of premium income.
Will invoices for medical indemnity premiums show the ROCS component?
Yes. MDOs will be obliged to include the ROCS component on premiums to ensure that doctors are clear about how the premiums they pay contribute ultimately to the ROCS Support Payment (paid by medical indemnity insurers).
