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