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PHIAC to APRA Transition

Following the Federal Budget announcement in May 2014, wheels are in motion to transfer the prudential regulatory functions of the Private Health Insurance Administration Council (PHIAC) to the Australian Prudential Regulation Authority (APRA) and the Department of Health by 1 July 2015, with a view to closing PHIAC.

During this period of transition from PHIAC to APRA, it’s critical that stakeholders keep up to date with the latest developments to reduce compliance risks and ultimately reputation risks. At InConsult, we’re committed to helping private health insurers make a successful transition and we’ve collated the most recent news and information to help you stay ahead and InControl!

Latest Updates

2018, Feb 7 Health insurer, heal thyself: APRA’s prescription for financial sustainability…more

2016, Dec 15 APRA releases consultation package on risk management for private health insurers…more

2016, March 23 Consumer group calls for health insurance reform…more

2016, Feb 25 Health insurance sector reports higher profits…more

2016, Feb 1 Health insurers told to justify proposed premium hikes…more

2016, Jan 27 Price War may loom among private health insurers…more 

2015, Dec 14 Costly rebate could stay in medical insurance reform…more 

2015, Dec 4 Private health insurers face structural challenges…more 

2015, Nov 9 Half a million dropped/switched private health plans…more 

2015, Aug 4 Govt to conduct review to lower health insurance costs…more 

2015, July 29 Call for probe into private health insurance sector…more 

2015, March 31 Proposed prudential and reporting framework for APRA’s supervision of private health insurers in Australia…more

2015, March 2 Private health premiums to rise by an average 6.18%…more 

2015, February 26 PHIAC transition to APRA is “well on track” says APRA…more

2015, February 20 Look before you leap into health insurers …more

2015, February 3 15 health insurance funds unite to eclipse giants…more

2015, January 12 Public consultation: Release of the draft Private Health Insurance (Prudential Supervision) Bill 2015…more

2015, January 12 Private Health Insurance (Prudential Supervision) Bill 2015…more

2014, November 24 APRA’s Update to House of Representatives Standing Committee on Economics…more

2014, October 29 Regulatory shake-up hangs over Medibank float…more

2014, July 17 PHIAC vs APRA: Comparison of Prudential Standards and Rules…more

2014, July 17 CPS 220 Risk Management: Self Assessment for Health Insurers…more

2014, June 6 PHI Industry Watching Brief…more

2014, June 4  S&P: Opportunity Knocks For Australian Private Health Insurers…more

2014, May 13 More than 70 government agencies to be scrapped, consolidated in federal budget…more

2014, May 13 Merging health agencies will reduce accountability…more

2014, May 13 PHIAC Agency Budget Statements – Budget Estimates for 2014-15…more

Board and Management Presentation

Would you like to know more about our predictions of the potential impact of the transfer of the regulatory function from PHIAC to APRA? Contact InConsult to arrange a meeting.

About the APRA Prudential Framework

APRA has worked hard to develop Combined Prudential Standards (CPS) that cover banks, credit unions, insurers and superannuation funds. So it’s almost certain that private health funds will need to meet the same combined prudential standards for common regulatory requirements such as risk management, outsourcing and business continuity.  We believe that APRA will issue a new set of Health Insurance Prudential Standards (HPS) where appropriate, highly likely to be around the capital adequacy requirements.  Here are the best links to get a good understanding of the APRA prudential framework using general insurers as a guide.

Supervisory Overview: An overview of APRA’s supervisory approach.
Prudential Standards: An APRA regulated entity MUST comply with Prudential Standards.
Prudential Practice Guides: Not mandatory, aim to assist in complying with requirements outlined in the prudential standards.

Can we help?

We’re here to help you make a successful transition from PHIAC to APRA and achieve best practice in risk management, compliance, business continuity, fraud prevention and internal audit.  Since 2001, InConsult has worked extensively with both PHIAC and APRA regulated entities to support key elements of risk management and compliance. We understand both sectors, so contact us to discuss your needs.

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