The Private Health Insurance (Health Benefits Fund Administration) Amendment Rule 2013 (No.1) contains changes to PHIAC’s Solvency and Capital Adequacy Standards for private health insurers.

Changes to the Capital Adequacy Standard will come into effect in two stages – quantitative requirements will change on 31 March 2014 and related capital management policy requirements will have effect on 1 July 2014.

Changes to the Solvency Standard will have effect on 1 July 2014.

The Private Health Insurance (Insurer Obligations) Rules (2009) impose requirements on Appointed Actuaries in relation to the Capital Adequacy Standard from 31 March 2014.