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Circular No 10/23

PDF Format
Circ 10/23
Contact Officers
Josh Edwards (02) 6215 7916
Email
josh.edwards@phiac.gov.au
Replaces Circular
N/A

17 December 2010

DISCLOSURE STANDARD EDUCATION VIDEO

This circular advises the release of an educational video informing private health insurers of their obligations under the new prudential standard, the Disclosure Standard.

The Disclosure Standard is contained in the Private Health Insurance (Insurer Obligation) Amendment Rules 2010 (No. 1), which amend the Private Health Insurance (Insurer Obligation) Rules 2009.

The Disclosure Standard requires insurers to provide information to Council, which will facilitate the ongoing risk assessment of insurers and early detection of prudential issues.

The video is located and can be viewed on the ‘For Industry’ home page on the Private Health Insurance Administration Council (PHIAC) website http://www.phiac.gov.au/for-industry/

Prior to the Disclosure Standard being made into law, insurers partook in an extensive consultation period with PHIAC. Insurers were previously advised on 26 November 2010 via Circular 10/21 New Disclosure Standard Requirements for Private Health Insurers that the new prudential standard had been made and will commence from 1 January 2011. Insurers have also been sent an information package containing the Disclosure Standard, Explanatory Statement and information relating to the education video.

Council welcomes commentary on the video via the following link feedback@phiac.gov.au