APRA Publishes Reporting Standard on Insurance Reform Data Collection
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
María Cañamero
Skilled market researcher; growth strategist; successful go-to-market campaign developer
Pierre-Etienne Chabanel
Brings expertise in technology and software solutions around banking regulation, whether deployed on-premises or in the cloud.
Nicolas Degruson
Works with financial institutions, regulatory experts, business analysts, product managers, and software engineers to drive regulatory solutions across the globe.
Previous Article
ESRB on Exchange of Information for Macro-Prudential PurposesRelated Articles
EU Amends CRD4 and CRD5 as Part of Capital Markets Recovery Package
EU published Directive 2021/338, which amends the Markets in Financial Instruments Directive (MiFID) II and the Capital Requirements Directives (CRD 4 and 5) to facilitate recovery from the COVID-19 crisis.
EU Committee Recommends Systemic Risk Buffer of 4.5% in Norway
The Standing Committee of the European Free Trade Association (EFTA) recommended that a systemic risk buffer level of 4.5% for domestic exposures can be considered appropriate for addressing the identified systemic risks to the stability of the financial system in Norway.
PRA Clarifies Approach to Onshoring of Credit Risk Rules for UK Banks
In a recent statement, PRA clarified its approach to the application of certain EU regulatory technical standards and EBA guidelines on standardized and internal ratings-based approaches to credit risk, following the end of the Brexit transition.
FSB Sets Out Work Priorities for 2021
In a recently published letter addressed to the G20 finance ministers and central bank governors, the FSB Chair Randal K. Quarles has set out the key FSB priorities for 2021.
EU Publishes Corrigendum to Revised Capital Requirements Regulation
EU published, in the Official Journal of the European Union, a corrigendum to the revised Capital Requirements Regulation (CRR2 or Regulation 2019/876).
ESAs Issue Statement on Application of Sustainability Disclosures Rule
ESAs published a joint supervisory statement on the effective and consistent application and on national supervision of the regulation on sustainability-related disclosures in the financial services sector (SFDR).
EC Consults on Crisis Management and Deposit Insurance Frameworks
EC published a public consultation on the review of crisis management and deposit insurance frameworks in EU.
HKMA Enhances Loan Guarantee Scheme to Alleviate Pressure on SMEs
HKMA announced that enhancements will be made to the Special 100% Loan Guarantee of the SME Financing Guarantee Scheme (SFGS) and the application period will be extended to December 31, 2021.
EBA Proposes Standards for Supervisory Cooperation Under IFD
EBA launched consultations on the regulatory and implementing technical standards on cooperation and information exchange between competent authorities involved in prudential supervision of investment firms.
BoE Addresses Banks in Scope of First Resolvability Assessment
BoE issued a letter to the CEOs of eight major UK banks that are in scope of the first Resolvability Assessment Framework (RAF) reporting and disclosure cycle.
