|
Topics in this section
General PHIAC Circulars
SBA Circulars
|
General PHIAC Circulars
MAKING ‘TRUE AND CORRECT’ STATEMENTS IN RELATION TO PHIAC
RETURNS
The PHIAC 1 and PHIAC 2 Returns require signed declarations by one or
more Officers of the Private Health Insurer that the information contained
in the returns are “true and correct”.
PHIAC considers that the information contained in these returns is “true
and correct” when the following items are present:
For PHIAC 1 Returns:
- That the policies and persons accurately reflect the true number
and category of policies and persons as at the end of the quarter;
- That the benefits paid and utilisation of services reported for the
quarter by treatment type, age of claimant etc. accurately reflect the
actual benefits paid and services utilised during the quarter.
For PHIAC 2 Returns:
- The information contained in these returns has been prepared in accordance
with the requirements of the Private Health Insurance (Health Benefits
Fund Administration) Rules 2007, particularly in regard to the Solvency
and Capital Adequacy Standards contained therein, and
- The information contained in these returns corresponds accurately
with the fund’s accounting systems and records for the reporting
period, and
- Where applicable, the information contained in these returns corresponds
with audited financial statements.
Due to the nature of the PHIAC 2 Annual Returns, a large proportion of
the data may be extracted from already audited sources. Materiality for
the purposes of the PHIAC 2 returns should be calculated independently
to that than applied for the purposes of the Corps Act accounts. Guidance
on the application of materiality is given in the Solvency Standard (Part
4, Clause 12), and the Capital Adequacy Standard (Part 4, Clause 12).
Top of Page
|
