7E. — (1) The Authority shall, for the purposes of enabling the Minister to perform his or her functions under this Act or of enabling or assisting it to perform its functions under this Act—

(a) evaluate and analyse all information returns made to it F59[together with such other information relevant to those purposes as it considers appropriate,] and, without limiting the generality of the foregoing, having particular regard to—

F60[(i) the average insurance claim payment per insured person made by the relevant market sector during the relevant periods in respect of the total number of persons insured, or a class thereof, during the relevant periods,

(ii) the average insurance claim payment per insured person made by the relevant market sector during the relevant periods in respect of subgroups of the total number of persons insured, or a class thereof, during the relevant periods, where such subgroups include such combinations of the following groups of insured persons as the Authority determines to be relevant:

(I) those in different age groups;

(II) those of differing sex;

(III) those with differing types of cover,

(iii) the F61[hospital utilisation] in respect of each group and subgroup referred to in subparagraphs (i) and (ii), and (iv) the net financial impact on each registered undertaking or former registered undertaking of the relevant financial provisions during the relevant periods, and

(iv) the net financial impact on each registered undertaking or former registered undertaking of the relevant financial provisions during the relevant periods, and]

(v) F62[…]

(b) as soon as may be after the end of each 6 months period, 12 months period, or longer period, as specified by the Minister by notice in writing given to the Authority (in this paragraph referred to as the "specified period"), prepare and furnish to the Minister a report in relation to—

(i) such evaluation and analysis in respect of the information returns which relate to the F61[specified period (taking into account the objective specified in subparagraph (iii)(II))] F59[and in respect of the other information referred to in paragraph (a)],

(ii) such matters concerning the carrying on of health insurance business and developments in relation to health insurance generally that the Authority considers ought to be brought to the attention of the Minister (including information in relation to the profitability of any registered undertaking or former registered undertaking where the operation of the relevant financial provisions is expected to result in a positive cumulative net financial impact on the undertaking),

F61[(iii) (I) subject to subsection (1A), the amounts of the risk equalisation credits that the Authority considers, after having regard to such evaluation and analysis, would need to be afforded, under the Risk Equalisation Scheme, to persons insured by registered undertakings (other than restricted membership undertakings) having regard to the principal objective (in so far as the principal objective relates to relevant contracts), the aim of avoiding overcompensation being made to a registered undertaking or former registered undertaking under the operation of the relevant financial provisions (other than section 470B of the Taxes Consolidation Act 1997), the aim of maintaining the sustainability of the health insurance market and the aim of having fair and open competition in the health insurance market, and

(II) the objective that the projected net average insurance claim payment per insured person for a relevant age group of insured persons for any period of 12 consecutive months duration should be not less than 125 per cent of the projected net average insurance claim payment per insured person for all age groups of insured persons for that same period, and]

(iv) if the amounts referred to in subparagraph (iii) were given effect by a statutory provision, the amount of the stamp duty that the Authority considers F63[, after having regard to the aim of avoiding the Fund sustaining surpluses or deficits from year to year (as calculated using approved accounting standards)] would need to be paid, pursuant to section 125A of the Stamp Duties Consolidation Act 1999, by registered undertakings (other than restricted membership undertakings) in respect of the persons insured by them in order to meet the cost to the F64[Fund] of the total of the amounts referred to in subparagraph (iii).

F65[(1A) The Minister may, by notice in writing given to the Authority, require the Authority to prepare any report to be furnished to him or her pursuant to paragraph (b) of subsection (1), in so far as the report relates to subparagraph (iii) of that paragraph—

(a) in the case of F67[hospital utilisation credit], on the basis of the amount specified in the notice or on the basis of the amount specified in Schedule 3 or both,

(b) on the basis of the classes of insured person specified in the notice or on the basis of the classes of insured person specified in column 1 of Table 2 F68[set out in Schedule 4 or both, or]

F69[(c) in the case of high cost claims, on the basis of the amount and percentage specified in the notice or on the basis of the amount and percentage specified in Schedule 5 or both.]]

F65[(2) The Minister shall—

(a) first, after having regard to—

(i) the principal objective (in so far as the principal objective relates to relevant contracts),

(ii) any report furnished to him or her pursuant to subsection (1)(b),

(iii) the aim of avoiding overcompensation being made to a registered undertaking or former registered undertaking under the operation of the relevant financial provisions (other than section 470B of the Taxes Consolidation Act 1997),

(iv) the aim of maintaining the sustainability of the health insurance market,

(v) the aim of having fair and open competition in the health insurance F70[market,]

(vi) the aim of avoiding the Fund sustaining surpluses or deficits from year to year (as calculated using approved accounting F70[standards), and ]

F71[(vii) the objective specified in subsection (1)(b)(iii)(II),]

(b) second, after taking into account the amendments (if any) that he or she wishes to propose to the relevant financial provisions (other than section 470B of the Taxes Consolidation Act 1997) in view of the regard given the matters referred to in paragraph (a) (and whether or not those amendments accord with any matter set out in the report referred to in paragraph (a)(iii)), and

(c) third, after consultation with the Minister for Finance on the amendments (if any) referred to in paragraph (b),

make such recommendations to the Minister for Finance relating to section 125A of the Stamp Duties Consolidation Act 1999 as the Minister considers appropriate.].

(3) The Minister may engage a person whom he or she considers to be competent and qualified to do so to advise him or her and to consult with him or her in relation to the functions of the Minister under this section.]

F71[(4) In this section—

"net", in relation to the average insurance claim payment per insured person for—

(a) a relevant age group of insured persons, or

(b) all age groups of insured persons,

means after the application of the projected net financial impact of the relevant financial provisions for the 12 consecutive months concerned referred to in subsection (1)(b)(iii)(II);

"relevant age group of insured persons" means an age group of insured persons specified in column 1 of Table 2 set out in Schedule 4 in respect of which, in accordance with section 11C, part of the premium payable in respect of such insured person is, or is expected to be, payable from the Fund.]