Circular No 07/17

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Circular No 07/17

Contact Officers:
 Paul Collins (02) 6215 7955
email: paul.collins@phiac.gov.au

Replaces Circular: NA

5 July 2007

PDF Format:

Circ 07/17
RISK EQUALISATION AUDIT ARRANGEMENTS MARCH 2007

Private Health Insurers are reminded of the requirement for PHIAC 1 returns for the four quarters to 30 June 2007 to be audited by external auditors. Circular 07/13 of 14 June 2007 provided a copy of the program for PHIAC 1 returns submitted for Reinsurance for the period 1 July 2006 to 31 March 2007. This Circular provides a copy of the program (Microsoft Word version) for PHIAC 1 returns submitted for Risk Equalisation for the period 1 April 2007 to 30 June 2007

Insurers must ensure that their external auditors adopt the programs, or an alternative program that provides similar checks and levels of accuracy, for the 2006-2007 year. Insurers are responsible for engaging competent auditors. Insurers and auditors are responsible for their own audit program and processes.

The required format for the audit certification (Microsoft Word version) that recognises the requirements of this Circular and Circular 07/13 is included in the program as Appendix D.

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 2006-2007 year reaches the PHIAC Secretariat by no later than 30 September 2007.

Insurers must apply in writing well before 30 September 2007 if extra time is required.

Insurers are reminded that PHIAC intends to continue its policy of naming in its annual report to Parliament, Insurers that do not meet the statutory reporting requirements.