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Commonwealth legislation
This Act has been repealed and is no longer in force. It is retained for historical reference.
This standard requires all private health insurers to report detailed capital, financial, claims and related‑party data to APRA to support prudential supervision. Reports include solvency forecasts and audited annual statements, with quarterly returns due within 28 days of each quarter end and audited annual submissions by 30 September, lodged electronically as directed.
Boards and senior management must ensure data quality and obtain external auditor certification for annual filings; APRA may vary deadlines or content for individual insurers.
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Direct links to the current provisions in Financial Sector (Collection of Data) (reporting standard) determination No. 32 of 2015.
Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.
Financial Sector (Collection of Data) (reporting standard) determination No. 32 of 2015
Reporting Standard HRS 602.0 Financial and Capital Data
Financial Sector (Collection of Data) Act 2001
I, Ian Laughlin, delegate of APRA, under paragraph 13(1)(a) of the Financial Sector (Collection of Data) Act 2001 (the Act) DETERMINE Reporting Standard HRS 602.0 Financial and Capital Data, in the form set out in the Schedule, which applies to the financial sector entities to the extent provided in paragraph 3 of the reporting standard.
Under section 15 of the Act, I DECLARE that the reporting standard shall begin to apply to those financial sector entities on the day that the Private Health Insurance (Prudential Supervision) Act 2015 commences.
This instrument commences on the day that the Private Health Insurance (Prudential Supervision) Act 2015 commences.
Dated: 26 June 2015
[Signed]
Ian Laughlin
Deputy Chairman
Interpretation
In this Determination:
APRA means the Australian Prudential Regulation Authority.
financial sector entity has the meaning given by section 5 of the Act.
Schedule
Reporting Standard HRS 602.0 Financial and Capital Data comprises the 39 pages commencing on the following page.
Reporting Standard HRS 602.0
Financial and Capital Data
Objective of this Reporting Standard
This Reporting Standard sets out the requirements for the provision of information to APRA regarding a private health insurer’s capital adequacy, solvency and financial position.
It includes Form HRF 602.0 Financial and Capital Data – Cover Page, Form HRF 602.1 Financial and Capital Data – CA Forecasts, Form HRF 602.2 Financial and Capital Data – Solvency Forecasts, Form HRF 602.3 Financial and Capital Data – Revenue, Form HRF 602.4 Financial and Capital Data – Expenses, Form HRF 602.5 Financial and Capital Data – Capital Transfers, Form HRF 602.6 Financial and Capital Data – Assets, Form HRF 602.7 Financial and Capital Data – Liabilities, Form HRF 602.8 Financial and Capital Data – Related Party Disclosures and Form HRF 602.9 Financial and Capital Data – Claims Data and associated specific instructions.
Authority
Purpose
Application and commencement
This Reporting Standard applies to all private health insurers.
This Reporting Standard applies for reporting periods ending on or after the day that the Private Health Insurance (Prudential Supervision) Act 2015 commences.
Information required
5. A private health insurer must provide APRA with the information required by this Reporting Standard in respect of each reporting period.
6. The information required by this Reporting Standard, as set out in the HRF 602.0 series of forms, must be provided for each health benefits fund of the private health insurer.
Forms and method of submission
7. The information required by this reporting standard must be lodged as electronic data via the PHIAC Extranet, or an alternate method notified by APRA, in writing, prior to submission.
Reporting periods and due dates
8. Subject to paragraph 9, a private health insurer to which this Reporting Standard applies must provide the information required by this Reporting Standard:
(a) in respect of each calendar quarter (i.e. the periods ending 30 September, 31 December, 31 March and 30 June); and
(b) in respect of each year ending 30 June.
9. If, having regard to the particular circumstances of a private health insurer, APRA considers it necessary or desirable to obtain information more or less frequently than as provided by paragraph 8, APRA may change the reporting periods, or specify reporting periods, for the particular private health insurer.
10. The information required by this Reporting Standard must be provided to APRA:
(a) in the case of quarterly information – within 28 calendar days after the end of the reporting period to which the information relates;[\[1\]](#_ftn1) and
(b) in the case of annual information – by 30 September each year.
11. APRA may, in writing, grant a private health insurer an extension of a due date, in which case the new due date for the provision of the information will be the date on the notice of extension.
Quality control
12. 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. It is the responsibility of the Board and senior management of the private health insurer to ensure that an appropriate set of policies and procedures for the authorisation of information submitted to APRA is in place.
Annual audit requirements
13. The information submitted for the purposes of paragraph 10(b) is to be subject to external audit to ensure consistency with the private health insurer’s statutory financial accounts and faithful application of the solvency and capital adequacy standards.
14. Audit certification and opinion must be provided to APRA by 30 September each year.
15. If a private health insurer received a qualified auditor’s report for a health benefits fund for the year previous to the year for which the report is provided, the report for the year for which the report is provided must state whether the auditor has examined the issues identified and is satisfied that the private health insurer has taken the appropriate steps to rectify the matters raised in the previous report.
16. The auditor’s report must:
(a) state details of the program adopted to carry out the audit; and
(b) include the name of, and be signed by, the auditor who takes responsibility for the accuracy of the report.
Authorisation
17. A person who submits the information required under this Reporting Standard must be suitably authorised by an officer of the private health insurer.
Variations
18. APRA may, in writing, vary the reporting requirements of this Reporting Standard in relation to a private health insurer.
Transitional
19. Any approval, determination or other exercise of discretion, made prior to the commencement of this reporting standard by PHIAC in relation to the PHIAC 2 return, will continue to have effect after the commencement of this reporting standard, as if made under this reporting standard, until revoked by APRA.
20. Information that would have been required to be submitted to PHIAC on the PHIAC 2 return in respect of the quarter or year ending 30 June 2015 must instead be submitted to APRA as though it was required under this Reporting Standard.
21. Information that had previously been required to be submitted to PHIAC on the PHIAC 2 return relating to a period ending before 30 June 2015, but which had not been submitted to PHIAC by the end of 30 June 2015, must be submitted to APRA.
22. If, at the end of 30 June 2015, a private health insurer was under an obligation to submit an amended return, to replace a return that the private health insurer submitted to PHIAC prior to 1 July 2015, the private health insurer must submit the amended return to APRA as soon as practicable.
23. If APRA, acting reasonably, is satisfied that information submitted by a private health insurer to PHIAC on the PHIAC 2 return prior to 1 July 2015 is inaccurate, APRA may, by notifying the private health insurer in writing of the basis of APRA’s concern, require resubmission of that information in a way that corrects the inaccuracy.
Interpretation
24. In this Reporting Standard:
(a) unless the contrary intention appears, words and expressions have the meanings given to them in Prudential Standard HPS 001 Definitions (HPS 001); and
(b) APRA means the Australian Prudential Regulation Authority established under the Australian Prudential Regulation Authority Act 1998;
HRF 602.0 series of forms means Form HRF 602.0 Financial and Capital Data – Cover Page, Form HRF 602.1 Financial and Capital Data – CA Forecasts, Form HRF 602.2 Financial and Capital Data – Solvency Forecasts, Form HRF 602.3 Financial and Capital Data – Revenue, Form HRF 602.4 Financial and Capital Data – Expenses, Form HRF 602.5 Financial and Capital Data – Capital Transfers, Form HRF 602.6 Financial and Capital Data – Assets, Form HRF 602.7 Financial and Capital Data – Liabilities, Form HRF 602.8 Financial and Capital Data – Related Party Disclosures and Form HRF 602.9 Financial and Capital Data – Claims Data;
officer has the meaning in the Private Health Insurance (Prudential Supervision) Act 2015;
PHIAC means the Private Health Insurance Administration Council continued in existence under subsection 264-1(1) of the Private Health Insurance Act 2007, as it existed immediately prior to the commencement of the Private Health Insurance (Prudential Supervision) Act 2015;
PHIAC 2 return means the form titled PHIAC 2 return issued under subclause 4(6) of Schedule 2 and section 4(3) of Schedule 3 of the Private Health Insurance (Health Benefits Fund Administration) Rules 2013, as they existed immediately prior to the commencement of the Private Health Insurance (Prudential Supervision) Act 2015;
PHIAC Extranet is an environment (based on SharePoint) for secure (user ID and password required) sharing of documents, accessible via the internet;
private health insurer has the meaning in the Private Health Insurance (Prudential Supervision) Act 2015: and
reporting period means a period mentioned in paragraph 8 or, if applicable, paragraph 9.
<table cellspacing="0" cellpadding="0" style="margin-left:5.45pt; border-collapse:collapse"><tbody><tr style="height:63.85pt"><td colspan="2" style="width:436.3pt; vertical-align:top; background-color:#f8f8f8"><p style="margin-top:4.75pt; widows:0; orphans:0; font-size:8pt"><span style="font-family:Calibri, sans-serif; font-weight:bold; color:#003365">Form</span><span style="font-family:Calibri, sans-serif; font-weight:bold; letter-spacing:0.25pt; color:#003365"> </span><span style="font-family:Calibri, sans-serif; font-weight:bold; color:#003365">602.0</span><span style="font-family:Calibri, sans-serif; font-weight:bold; letter-spacing:0.25pt; color:#003365"> </span><span style="font-family:Calibri, sans-serif; font-weight:bold; color:#003365">Financial</span><span style="font-family:Calibri, sans-serif; font-weight:bold; letter-spacing:0.25pt; color:#003365"> </span><span style="font-family:Calibri, sans-serif; font-weight:bold; color:#003365">and</span><span style="font-family:Calibri, sans-serif; font-weight:bold; letter-spacing:0.25pt; color:#003365"> </span><span style="font-family:Calibri, sans-serif; font-weight:bold; letter-spacing:-0.05pt; color:#003365">Capital</span><span style="font-family:Calibri, sans-serif; font-weight:bold; letter-spacing:0.35pt; color:#003365"> </span><span style="font-family:Calibri, sans-serif; font-weight:bold; letter-spacing:-0.05pt; color:#003365">Data</span><span style="font-family:Calibri, sans-serif; font-weight:bold; letter-spacing:0.25pt; color:#003365"> </span><span style="font-family:Calibri, sans-serif; font-weight:bold; color:#003365">‐</span><span style="font-family:Calibri, sans-serif; font-weight:bold; letter-spacing:0.25pt; color:#003365"> </span><span style="font-family:Calibri, sans-serif; font-weight:bold; letter-spacing:-0.05pt; color:#003365">Cover</span><span style="font-family:Calibri, sans-serif; font-weight:bold; letter-spacing:0.25pt; color:#003365"> </span><span style="font-family:Calibri, sans-serif; font-weight:bold; letter-spacing:-0.05pt; color:#003365">Page</span></p><p style="margin-top:0.2pt; widows:0; orphans:0; font-size:20.5pt"><span style="font-family:Cambria, serif; font-weight:bold; letter-spacing:-0.05pt; color:#1f497c">Cover</span><span style="font-family:Cambria, serif; font-weight:bold; letter-spacing:1.05pt; color:#1f497c"> </span><span style="font-family:Cambria, serif; font-weight:bold; color:#1f497c">Page</span></p><p style="margin-top:9.15pt; widows:0; orphans:0; font-size:6pt"><span style="font-family:Calibri, sans-serif; font-weight:bold; color:#003365">1a:</span><span style="font-family:Calibri, sans-serif; font-weight:bold; letter-spacing:-0.05pt; color:#003365"> </span><span style="font-family:Calibri, sans-serif; font-weight:bold; color:#003365">Lodgement</span><span style="font-family:Calibri, sans-serif; font-weight:bold; color:#003365"> details</span></p></td></tr><tr style="height:8.05pt"><td rowspan="4" style="width:231.22pt; border-right:0.75pt solid #000000; vertical-align:top; background-color:#f8f8f8"><p style="margin-top:0.4pt; margin-right:102.7pt; line-height:111%; widows:0; orphans:0; font-size:6pt"><span style="font-family:Calibri, sans-serif">Health</span><span style="font-family:Calibri, sans-serif; letter-spacing:0.2pt"> </span><span style="font-family:Calibri, sans-serif; letter-spacing:-0.05pt">benefits</span><span style="font-family:Calibri, sans-serif; letter-spacing:0.3pt"> </span><span style="font-family:Calibri, sans-serif; letter-spacing:-0.05pt">fund:</span><span style="font-family:Calibri, sans-serif; letter-spacing:-0.05pt"> </span><span style="font-family:Calibri, sans-serif; letter-spacing:0.1pt"></span><span style="font-family:Calibri, sans-serif">Insurer's</span><span style="font-family:Calibri, sans-serif; letter-spacing:0.1pt"> </span><span style="font-family:Calibri, sans-serif">Australian</span><span style="font-family:Calibri, sans-serif; letter-spacing:0.15pt"> </span><span style="font-family:Calibri, sans-serif">Business</span><span style="font-family:Calibri, sans-serif; letter-spacing:0.15pt"> </span><span style="font-family:Calibri, sans-serif">Number: Period</span><span style="font-family:Calibri, sans-serif; letter-spacing:0.1pt"> </span><span style="font-family:Calibri, sans-serif">ended:</span></p><p style="widows:0; orphans:0; font-size:6pt"><span style="font-family:Calibri, sans-serif">Period</span><span style="font-family:Calibri, sans-serif; letter-spacing:0.3pt"> </span><span style="font-family:Calibri, sans-serif; letter-spacing:-0.05pt">length:</span></p></td><td style="width:203.95pt; border:0.75pt solid #000000; vertical-align:top"><p style="widows:0; orphans:0; font-size:11pt"><span style="font-family:Calibri, sans-serif"></span></p></td></tr><tr style="height:8.15pt"><td style="width:203.95pt; border:0.75pt solid #000000; vertical-align:top"><p style="widows:0; orphans:0; font-size:11pt"><span style="font-family:Calibri, sans-serif"></span></p></td></tr><tr style="height:8.15pt"><td style="width:203.95pt; border:0.75pt solid #000000; vertical-align:top"><p style="widows:0; orphans:0; font-size:11pt"><span style="font-family:Calibri, sans-serif"></span></p></td></tr><tr style="height:8.15pt"><td style="width:203.95pt; border:0.75pt solid #000000; vertical-align:top"><p style="widows:0; orphans:0; font-size:11pt"><span style
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