Financial Sector (Collection of Data) (reporting standard) determination No. 12 of 2021
Reporting Standard HRS 605.0Reporting Standard HRS 605.0
Start here
Get a plain-English read of Reporting Standard HRS 605.0
Turn the raw legal text into a practical explanation grounded in Financial Sector (Collection of Data) (reporting standard) determination No. 12 of 2021.
This Reporting Standard is made under section 13 of the Financial Sector (Collection of Data) Act 2001.
Purpose
Information collected under this Reporting Standard is for the purpose of enabling APRA to assist the Department of Health in performing its functions. This information may also be used by APRA for prudential and publication purposes.
Application
This Reporting Standard applies to all private health insurers.
Commencement
This Reporting Standard applies to reporting periods ending on or after 31 March 2021.
Information required
A private health insurer must provide APRA with the information required by HRF 605.0 in respect of each reporting period.
The information required by this Reporting Standard, as set out in HRF 605.0, must be provided for each health benefits fund of the private health insurer.
Form and method of submission
The information required by this Reporting Standard must be given to APRA in an electronic method (i.e. a web-based solution) available on APRA’s website, or by a method notified by APRA, in writing, prior to submission.
Reporting periods and due dates
Subject to paragraph 10 of this Reporting Standard, a private health insurer to which this Reporting Standard applies must provide the information required by this Reporting Standard in respect of each calendar quarter (i.e. the periods ending 30 September, 31 December, 31 March and 30 June).
Subject to paragraph 11 of this Reporting Standard, the information required by this Reporting Standard must be provided to APRA within 28 calendar days after the end of the reporting period to which the information relates.
APRA may change the reporting periods, or specified reporting periods, for a particular private health insurer, to require it to provide the information required by this Reporting Standard more frequently, or less frequently, having regard to:
(a) the particular circumstances of the private health insurer;
(b) the extent to which the information is required for the purposes of prudential supervision of the private health insurer; and
(c) the requirements of the Department of Health.
APRA may, in writing, grant a private health insurer an extension of a due date in which case the new due date will be the date specified in the notice of extension.
Note: For the avoidance of doubt, if the due date for a particular reporting period falls on a day other than a usual business day, a private health insurer is nonetheless required to submit the information required no later than the due date.
Quality control
All information provided by a private health insurer under this Reporting Standard must be the product of systems, processes and controls that have been reviewed and tested by the appointed auditor of the private health insurer as set out in Prudential Standard HPS 310 Audit and Related Matters. Relevant standards and guidance statements issued by the Auditing and Assurance Standards Board provide information on the scope and nature of the review and testing required from external auditors. This review and testing must be done on an annual basis or more frequently if necessary to enable the external auditor to form an opinion on the accuracy and reliability of the information provided by a private health insurer under this Reporting Standard.
All information provided by a private health insurer under this Reporting Standard must be subject to systems, processes and controls developed by the private health insurer for the internal review and authorisation of that information. These systems, processes and controls are to assure the completeness and reliability of the information provided.
Authorisation
A person who submits the information required under this Reporting Standard must be authorised, in writing, by an officer of the private health insurer.
Minor alterations to forms and instructions
APRA may make minor variations to:
(a) a form that is part of this Reporting Standard, and the instructions to such a form, to correct technical, programming or logical errors, inconsistencies or anomalies; or
(b) the instructions to a form, to clarify the application to the form,
without changing any substantive requirement in the form or instructions.
If APRA makes such a variation, it must notify each private health insurer that is required to report under this Reporting Standard.
Interpretation
In this Reporting Standard:
APRA means the Australian Prudential Regulation Authority established under the Australian Prudential Regulation Authority Act 1998.
due date means the relevant due date under paragraph 9 or, if applicable, the date on a notice of extension given under paragraph 11 of this Reporting Standard.
officer has the meaning in the Private Health Insurance (Prudential Supervision) Act 2015.
private health insurer has the meaning in the Private Health Insurance (Prudential Supervision) Act 2015.
reporting period means a period mentioned in paragraph 8 or, if applicable, a period specified under paragraph 10 of this Reporting Standard.
Unless the contrary intention appears, a reference to an Act, Prudential Standard or Reporting Standard is a reference to the instrument as in force or existing from time to time.
Where this Reporting Standard provides for APRA to exercise a power or discretion, this power or discretion is to be exercised in writing.
Part Reporting Standard HRS 605.0 - Financial Sector (Collection of Data) (reporting standard) determination No. 12 of 2021 - Reporting Standard HRS 605.0 | Zoe