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Financial Arrangements

The Council is industry funded. PHIAC imposes levies on insurers on a membership basis to meet the general administrative costs of PHIAC in accordance with the Private Health Insurance (Council Administration Levy) Act 2003, which took effect from 1 July 2004 and the Private Health Insurance (Levy Administration) Rules 2007 which took effect 1 April 2007.

Levies are determined on an annual basis and raised on a quarterly basis.

PHIAC Levy Legislation

PHIAC manages the Council Administration Levy and the Risk Equalisation Levy. PHIAC has not imposed a Collapsed Insurer Levy.

The relevant Levy acts are:

• The Private Health Insurance (Council Administration Levy) Act 2003

• The Private Health Insurance (Collapsed Insurer Levy) Act 2003

• The Private Health Insurance (Risk Equalisation Levy) Act 2003

The new legislation became effective 1 April 2007.

PHIAC administers the levies, however, monies collected are placed into the consolidated revenue fund and then appropriated for the purposes of each levy.