APRA has released a discussion paper outlining the proposed prudential and reporting requirements for APRA’s supervision of private health insurers in Australia.
The prudential and reporting framework will apply to the supervision of private health insurers when the transfer of responsibilities from PHIAC to APRA takes effect on 1 July 2015.
APRA does not intend that the substance of any existing obligations of private health insurers will change at 1 July 2015 following the transfer to APRA.
APRA will not make any changes to the existing capital adequacy and solvency standards for private health insurers before 1 July 2016.
The response to submissions and final requirements will be released before 1 July 2015. The prudential standards and Rules will have effect from 1 July 2015. The reporting standards will have effect for reporting periods commencing post-1 July 2015.
