PHIAC's Objectives and functions
The Private Health Insurance Administration Council established under
section 82B of the National Health Act 1953 continues in existence
by force of section 264-1 of the Private Health Insurance Act 2007
(The Act). Section 264-5 of the Act requires PHIAC to achieve a balance
between three broad objectives:
-
fostering an efficient and competitive health insurance industry;
-
protecting the interests of consumers;
-
ensuring the prudential safety of individual registered organisations.
PHIAC’s central functions are to monitor and regulate the private
health insurance industry, and to provide information to Government and
other stakeholders on private health insurance membership and utilisation,
reinsurance benefits and gap cover. The performance of its functions requires
the collection of financial and statistical returns from each registered
health benefits organisation on both a quarterly and an annual basis.
PHIAC's Outcomes and Outputs
PHIAC reports under its own outcome in the Portfolio Budget Statements:
‘The prudential safety of registered private health insurance funds,
the best interest of members of those funds, and a competitive level of
private health insurance premiums, are efficiently regulated to support
a viable industry.’
PHIAC’s central functions are to monitor and regulate the private
health insurance industry, and to provide information to Government and
other stakeholders on private health insurance membership and utilisation,
Risk Equalisation and gap cover. The performance of its functions requires
the collection of financial and statistical returns from each private
health insurer on both a quarterly and an annual basis.
Output 1 – Information to Government and other stakeholders relevant
to private health insurance
Output 2 –Regulatory Activity
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