MIPS memberships cannot be suspended or put on hold.
Medical indemnity insurance in Australia is mandatory and offered on a claims made basis and not a claims incurred basis Under a claims made policy you are only covered if you are a member at the time the claim is made against you and reported to MIPS.
To remain covered for claims made after you cease practice (temporarily or permanently), you will need to continue your MIPS membership in a non practicing (run off cover) membership classification
For further information and to update your membership details to run off cover, complete the Ceasing practice form.
Members may cancel at any time during a membership year by completing a Cancel Your MIPS Membership form.
It is important that you understand that medical indemnity in Australia is offered on a claims-made basis. Effective from your cancellation date you will no longer be covered for any new incidents or claims that are subsequently notified to MIPS even if those events occurred while you were a member of MIPS.
To ensure you are covered for your past practice you need to obtain appropriate retroactive cover from your new indemnity provider and notify them of any new matters. Existing notifications prior to your cancellation date that are ongoing will continue to be managed by MIPS.
The cancellation policy is stated in the Member Handbook Combined Financial Services Guide and Product Disclosure Statement.
Direct debit payer?
If you pay your membership fee via direct debit instalments you may have an outstanding account balance if your pro-rated refund does not exceed your current balance once the cancellation fee is applied. Please contact MIPS to obtain a quote before cancelling.
If you have ceased practice (temporarily or permanently) you will need to maintain an appropriate MIPS membership classification or obtain run-off cover to ensure that you remain covered for your prior practice. For information regarding run off cover (and cost if applicable) refer to Retiring or ceasing practice.
Alternatively, you can decline an offer of run off cover by selection this option on the Cancel Your MIPS Membership form.
If you decline run off cover, effective your cancellation date you will no longer be covered for any new incidents or claims that are subsequently notified to MIPS even if those events occurred while you were a member of MIPS.