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Regulatory Activities
Annual Regulatory Plan - 2010
Type of entry |
Ongoing regulatory activity |
Title |
Continuation of the Review of the Solvency and Capital Adequacy Standards included in the Private Health Insurance (Health Benefits Fund Administration) Rules 2007. |
Description of issue |
The Solvency and Capital Adequacy Standards were introduced in legislation in 2000, with effect from 1 January 2001. The Review aims to assess and improve the efficiency, effectiveness and appropriateness of the Standards in their practical business settings. The review is being conducted in a staged approach. Phase 1 of the review was the changes made to the Capital Standards to reflect the changes in the legislative environment through the introduction of the Private Health Insurance Act 2007. The second stage of the review was announced in August 2007 and follows on from Phase 1. |
Consultation opportunities |
Terms of Reference were drawn up and the Review is being conducted in consultation with the private health insurance industry, their appointed actuaries and other relevant stakeholders. A Standards Reference Group will convene following the close of comments. |
Expected timetable |
Review completed within the next calendar year. |
Contact details |
Paul Groenewegen |
Date last modified |
May 2010 |
Type of entry |
Planned regulatory activity |
Title |
Amendments to the Private Health Insurance (Insurer Obligations) Rules 2009 to introduce a disclosure standard for private health insurers. |
Description of issue |
The proposed disclosure standard will require private health insurers to notify the Private Health Insurance Administration Council when events occur that may impact on policy holders or the insurer’s prudential position. |
Consultation opportunities |
Private health insurers and industry stakeholders including the Department of Health and Ageing, the Australian Competition and Consumer Commission, the Australian Securities and Investment Commission and industry peak bodies will be invited to comment on the draft standard before it is introduced. |
Expected timetable |
Amendments expected to be completed by December 2010 |
Contact details |
Josh Edwards Manager
Prudential Standards and Education
PHIAC
Phone: 02 6215 7916
|
Date last modified |
May 2010 |
Type of entry |
Past regulatory activity |
Title |
Amendment to the Private Health Insurance (Insurer Obligations) Rules 2007 to introduce a governance standard for private health insurers. |
Description of issue |
The Private Health Insurance Administration Council introduced a governance standard in 2009 requiring private health insurers to adopt minimum standards of internal governance which accord with business best practice. |
Expected timetable |
The governance standard commenced on 1 January 2010 |
Contact details |
Josh Edwards Manager
Prudential Standards and Education
PHIAC
Phone: 02 6215 7916
|
Date last modified |
May 2010 |
Type of entry |
Past regulatory activity |
Title |
Private Health Insurance (Council Administration Levy) Amendment Rules 2007 |
Description of issue |
The Rules specify the rate of the Council administration levy, the Council administration levy days, and the census day. The purpose of the Council administration levy is to finance the administrative costs of PHIAC. With effect from 1 July 2009 and over a period of two years, the amount of the levy was increased by a total of $800,000. |
Consultation opportunities |
The levy increase was a decision of Government having regard to the needs of PHIAC and the importance of appropriately resourcing the prudential regulator. Private health insurers were advised individually of the impact of the levy increase. |
Expected timetable |
1 July 2009 through to 1 July 2010 |
Contact details |
Neil Smith General Manager, Industry Operations and General Counsel
PHIAC
02 6215 7931
neil.smith@phiac.gov.au
|
Date last modified |
May 2010 |