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Circular No 73
General PHIAC Circulars
Circular No 73
Contact Officer:
Trish Cassidy (02) 6285-3134
Dru Dietz (02) 6285-3131
3 July 1998
ANNUAL REPORT TO PARLIAMENT FOR 1997-98
REINSURANCE AUDIT 1997-98
SIMPLIFIED BILLING KITS AVAILABLE
Annual Report to Parliament for 1997-98
Organisations are reminded that the following information must be provided to PHIAC in relation to the financial year ending 30 June 1998 by no later than 30 September 1998. It is therefore expected that any other statutory requirements (eg. Annual General Meetings etc) will be scheduled so as to ensure that compliance with all of the following is possible.
A profit and loss account (Schedule 1) showing details of the income and expenditure of the fund during the year on a national basis;
A schedule setting out Contribution Income and Fund Benefits Paid on a state basis (Schedule 4). Open membership organisations which carry on business in more than one State are required to provide a copy of Schedule 4 in relation to each State of operation;
A balance sheet as at 30 June 1998 (Schedule 2) including explanatory notes set out in the Statement of Requirements for Reporting to PHIAC by Registered Health Benefits Organisations ("the Statement");
A schedule setting out the management expenses of the organisation for the year on a national basis in the categories set out in Schedule 3 attached;
A statement (Schedule 5) setting out the solvency calculation as at 30 June 1998;
A statement (Schedule 6) setting out the calculation of the liquidity ratio of the fund as at 30 June 1998;
A copy of the auditor's report covering the 1997-98 accounts;
A copy of any report to members on the organisation's operations during 1997-98 (Section 82L(1) of the National Health Act, 1953).
Where the health fund is part of an economic entity, a copy of the consolidated financial accounts for the entity.
Organisations are referred to PHIAC Circular 67 dated 18 August 1997 for a copy of the Statement of Requirements For Reporting To PHIAC. Updated Schedules and accompanying notes are attached to this circular for your convenience.
Should you have any enquiries in relation to the reporting requirements you are invited to contact Trish Cassidy or Dru Dietz on (02) 6285 3134.
Click here to see Notes to Profit and Loss Account
Click here to see Notes to Balance Sheet
Click here to see Notes on Management Expenses
Reinsurance Audit 1997-98
Organisations are reminded of the requirement for reinsurance transactions to be audited by external auditors for the four quarter to 30 June 1998.
Two copies of the revised audit program were provided to registered organisations as part of PHIAC Circular No 69 dated 6 February 1998. Please ensure that your external auditors adopt the program for the 1997-98 year.
The required format for the audit certificate was included in Circular No 69. Audit certification for the four quarters to 30 June each year must be provided within three months of the end of the financial year or such time as approved by the Commissioner.
Please ensure that the certificate for the 1997-98 year reaches the PHIAC Secretariat by 30 September 1998.
Simplified Billing Agents Application Kits
Funds will be aware that PHIAC now has the responsibility to approve Simplified Billing Agents. Application kits have been developed and are available from PHIAC upon request. Contact officers for the kits are Mr Gary Kennedy (02) 6285 3133 and Mrs Jackie Dunstone (02) 6285 3135.