Circular No 91

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Circular No 91

Contact Officer:
Trish Cassidy (02) 6285 3134
Dru Dietz (02) 6285 3131

30 June 1999

ANNUAL REPORT TO PARLIAMENT - FINANCIAL YEAR ENDING 30 JUNE 1999

PHIAC 2 RETURN - CHANGES FROM 1 JULY 1999

Annual Report to Parliament; Financial Year ending 30 June 1999

Registered organizations are reminded that the following information must be provided to PHIAC by no later than 30 September 1999.

  1. Schedule 1 - Profit and Loss Account

  2. Schedule 2 - Balance sheet as at 30 June 1999 together with explanatory notes

  3. Schedule 3 - Management expenses for the year on a national basis;

  4. Schedule 4 - Contribution income and fund benefits paid. All organizations which report in more than one state for the purpose of the reinsurance arrangements are required to provide this schedule in relation to each state of operation. Refer PHIAC Circular 78 dated 12 November 1998

  5. Schedule 5 - Solvency calculation

  6. Schedule 6 - Liquidity ratio calculation

  7. Auditors report covering the financial statements, incorporating a statement by the auditor that the auditor is familiar with the Statement of Requirements for Reporting to PHIAC, and that the information submitted to PHIAC has been prepared in accordance with that Statement.

  8. A copy of any report to members on the organization's operations during the 1998-99 financial year.

  9. Where the health fund is part of an economic entity, a copy of the consolidated financial accounts for the entity.

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PHIAC 2 Return - Changes from 1 July 1999

In order to maintain consistency between the PHIAC 1 and PHIAC 2 reporting requirements, amendments to the manner of reporting contribution income and benefits paid during the quarter have been made to the PHIAC 2 return. Future reports will require the separation of income and benefits paid into the following categories:-

  • Hospital only 

  • Ambulance only

  • All other ancillary only 

These changes commence with effect from 1 July 1999, and will be first reported in the September 1999 return. The existing format should be used for the June 1999 return.

A copy of the amended return is attached hereto, and a disk copy is enclosed with this circular to all registered organizations.

Circulars are available free of charge from the Private Health Insurance Administration Council's home page at: www.phiac.org.au

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