Featured Product

    APRA Publishes Reporting Standard on Insurance Reform Data Collection

    December 12, 2019

    APRA updated the reporting standard HRS 605.0 on data collection for private health insurance reform and published its response to the submissions received on the proposed standard. HRS 605.0 data will be used to assist the Department of Health on private health insurance reform in monitoring and analyzing the effects of the reforms on consumers and private health insurers. The proposed data collection formalizes the existing Excel-based reporting through the implementation of the reporting standard HRS 605.0. HRS 605.0 applies to reporting periods ending on or after April 01, 2020.

    APRA had released, in In September 2019,  a consultation on HRS 605.0. APRA received eleven submissions from private health insurers and service providers. Submissions were primarily related to the volume of data collected, the implementation timeline, process of submitting data to APRA, confidentiality of data, and additional clarification. Submissions also raised queries on reporting of specific data items. APRA proposed to collect, on behalf of the Department of Health, data on private health insurance reform measures that were announced in October 2017 and introduced from April 01, 2018 by the Department of Health. 

    APRA acknowledged that the proposed timeframe may present difficulties for some entities to implement both the collection and control framework. For the first reporting period, entities may comply with the requirement to provide data that is the product of, and is subject to, the control framework on a best endeavors basis. APRA intends for the best endeavors compliance to allow entities to focus on the development of the data extract. However, APRA expects full compliance with HRS 605.0 from the second reporting period for the quarter ending September 30, 2020. APRA expects that private health insurers can use this report as part of the audit of processes and controls for data submitted under HRS 605.0. The Department of Health and APRA also updated HRS 605.0 to provide additional instructions.


    Related Links

    Keywords: Asia Pacific, Australia, Insurance, Private Health Insurers, HRS 605.0, Responses to Consultation, Data Collection, Reporting, APRA

    Featured Experts
    Related Articles
    News

    EBA Analyzes Impact of Unwind Mechanism of Liquidity Coverage Ratio

    EBA published a report analyzing the impact of the unwind mechanism of the liquidity coverage ratio (LCR) for a sample of European banks over a three-year period, from the end of 2016 to the first quarter of 2020.

    November 19, 2020 WebPage Regulatory News
    News

    ECB Outlines Views on Possible Changes to AnaCredit Rule and TLTROs

    In response to questions from a member of the European Parliament, the ECB President Christine Lagarde issued a letter clarifying the possibility of amending the AnaCredit Regulation and making targeted longer-term refinancing operations (TLTROs) dependent on the climate-related impact of bank loans.

    November 19, 2020 WebPage Regulatory News
    News

    IASB Begins First Phase of Post-Implementation Review of IFRS 9

    IASB started the post-implementation review of the classification and measurement requirements in IFRS 9 on financial instruments and added the review as a project to its work plan.

    November 18, 2020 WebPage Regulatory News
    News

    FSB Report Examines Progress in Resolvability of Systemic Institutions

    FSB published a report that examines progress in implementing policy measures to enhance the resolvability of systemically important financial institutions.

    November 18, 2020 WebPage Regulatory News
    News

    EBA Benchmarks National Insolvency Frameworks Across EU

    EBA published a report on the benchmarking of national loan enforcement frameworks across 27 EU member states, in response to the call for advice from EC.

    November 18, 2020 WebPage Regulatory News
    News

    FSB Reports Assess Impact of Pandemic on Financial Stability

    FSB published a letter from its Chair Randal K. Quarles, along with two reports exploring various aspects of the market turmoil resulting from the COVID-19 event.

    November 17, 2020 WebPage Regulatory News
    News

    RBNZ Consults on Implementation of Capital Review Changes

    RBNZ launched a consultation on the details for implementing the final Capital Review decisions announced in December 2019.

    November 17, 2020 WebPage Regulatory News
    News

    IASB Announces Andreas Barckow as the New Chair from July 2021

    The Trustees of the IFRS Foundation, which are responsible for the governance and oversight of IASB, have announced the appointment of Dr. Andreas Barckow as the IASB Chair, effective July 2021.

    November 17, 2020 WebPage Regulatory News
    News

    HKMA Consults on Capital Rules for Bank Equity Investments in Funds

    HKMA issued a letter to consult the banking industry on a full set of proposed draft amendments to the Banking (Capital) Rules for implementing the Basel standard on capital requirements for banks’ equity investments in funds in Hong Kong.

    November 17, 2020 WebPage Regulatory News
    News

    ESRB Supports Extension of Macro-Prudential Measure by Swedish FSA

    ESRB published an opinion assessing the decision of Swedish Financial Supervisory Authority (FSA) to extend the application period of a stricter measure for residential mortgage lending, in accordance with Article 458 of the Capital Requirements Regulation (CRR).

    November 17, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 6153