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Circular No 98
General PHIAC Circulars
Circular No 98
Contact Officers:
Gayle Ginnane (02) 6285 3132
Paul Collins (02) 6285 3133
12 October 1999
NEW REINSURANCE PRINCIPLES
The Minister for Health and Aged Care has established new reinsurance principles that will apply with effect with effect from 1 October 1999. A copy of the new principles is attached for information.
The reason for the change is to remove any doubt surrounding PHIAC Council Rule 4 by including the content of that rule within the Minister's Determination.
ADJUSTMENTS FOR YEAR ENDED 30 JUNE 1999
Adjustments arising from reinsurance for the year ended 30 June 1999 that have been identified in audit reports and reported to PHIAC will be made with the December quarter reinsurance calculation in February 2000.
Registered organisations are not to include those adjustments for the year ended 30 June 1999 within the September Quarter reinsurance return that is due to be provided to PHIAC by 28 October. Instead adjustments are to be lodged separately in the form of the PHIAC 1 return. Adjustments are to be accompanied by a copy of the audit report identifying the source of adjustments and the quarter(s) to which the adjustments relate.