1007

Home » Circulars » 2010 » 10/07

Circular No 10/07

PDF Format
Circ 10/07
Contact Officers
Hoa Nguyen 02 6215 7979
Email
hoa.nguyen@phiac.gov.au
Replaces Circular
N/A

31 March 2010

Changes to PHIAC 2 quarterly reporting and FSR

It has come to PHIAC’s attention that the reporting of claims data is inconsistent between insurers. This is due to the data being in different units.

To ensure consistency in reporting, PHIAC requests that the claims data is reported in dollars and not thousands of dollars.  

PHIAC has undertaken a review of the reporting of the quarterly PHIAC 2 Return (Return) and the Financial Statistical Report (FSR) in order to gain business and environmental efficiencies.

Currently, PHIAC requires insurers to submit both a paper and an electronic copy of the Return on a quarterly basis. For the March 2010 quarter and thereafter, PHIAC will no longer require insurers to submit paper copies of the Return.

Insurers are only required to provide PHIAC with an electronic copy, in Excel format, of the Return within 28 days following the end of the reporting period. The latest template of the Return can be downloaded at http://www.phiac.gov.au/for-industry/forms/

The compliance page of the Return will still need to be signed. A copy of the signed compliance page must accompany the submission of the Return as a PDF file.

It is important to note that these changes are only applicable to the PHIAC 2 quarterly returns. The submission of the annual PHIAC 2, as well as PHIAC 1, 3 and 4 returns are unchanged.

In addition, PHIAC will no longer be issuing a hard copy of the FSR to the CEO and Chair. The FSR will only be emailed to the PHIAC 2 contact officer as prescribed by the insurer in the submission of the Return.

Changes to the FSR distribution will take effect as of the March 2010 quarter.