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1203
Circular No 12/03
- PDF Format
- Circ 12/03
- PHIAC approved form cgeoff002
Contact Officer:
- Annemaree Gray : 02 6215 7908
- Email:
- annemaree.gray@phiac.gov.au
-
Replaces Circular: N/A
16 February 2012
Notification Requirements Under The Private Health Insurance (insurer obligations) Rules 2009
This circular seeks to clarify private health insurers’ notification obligations under the Private Health Insurer (Insurer Obligations) Rules 2009, and to inform the industry of an amendment to a Council approved form.
Section 1(6) of Schedule 1 (the Governance Standard) of the Private Health Insurer (Insurer Obligations) Rules 2009 requires that an insurer must tell the Council about a change in board membership within 28 days of the change, and in a form approved by the Council. The relevant approved form is cgeoff002, available from the Forms page of the PHIAC website at www.phiac.gov.au/for-industry/forms/.
Section 1(1) of Schedule 3 (the Disclosure Standard) of the Private Health Insurer (Insurer Obligations) Rules 2009 requires insurers to provide a copy of certain Australian Securities and Investment Commission (ASIC) forms at the same time they are lodged with ASIC, including ASIC Form 484.
Insurers should note that submission of an ASIC 484 form to PHIAC to notify of a change in board membership is not sufficient to comply with the requirements of Section 1(6) of the Governance Standard.
PHIAC has also amended the cgeoff02 form to include more information about its purpose, and additional notification options. This amendment has been made in an effort to ensure better industry compliance.
PHIAC looks forward to obtaining continued cooperation and feedback from the industry in relation to this issue.