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.
Keywords: Asia Pacific, Australia, Insurance, Private Health Insurers, HRS 605.0, Responses to Consultation, Data Collection, Reporting, APRA
Previous ArticleESRB on Exchange of Information for Macro-Prudential Purposes
BCBS Finalizes Revisions to Credit Valuation Adjustment Risk Framework
PRA published a statement to insurers that clarifies the approach to application of the matching adjustment during COVID-19 crisis.
EBA published a report on the implementation of selected COVID-19 policies within the prudential framework for banking sector.
EC launched a consultation to revise the network and information systems (NIS) Directive (2016/1148), which was adopted in July 2016 and is the first horizontal internal market instrument aimed at improving the resilience of the EU against cybersecurity risks.
PRA published a statement that outlines its view on the implications of LIBOR transition for contracts in scope of the “Contractual Recognition of Bail-In” and “Stay in Resolution” parts of the PRA Rulebook.
PRA published the policy statement PS15/20 to reflect additional resilience associated with higher macro-prudential buffers in a standard risk environment with a reduction in Pillar 2A capital requirements.
BCBS published the eighteenth progress report on implementation of the Basel III regulatory framework in member jurisdictions.
FCA announced proposals that would provide continued support for certain consumer credit products to users, who are facing a financial impact because of the exceptional circumstances arising from the COVID-19 pandemic.
ACPR published a draft version of taxonomy RAN 1.4.0_PWD1, along with the related documentation, for Solvency II reporting.
BCBS amended the guidelines on sound management of risks related to money laundering and financing of terrorism (ML/FT).