APRA Delays Implementation of Reporting Standard for Health Insurers
APRA published a letter to inform private health insurers about the postponement of the implementation of HRS 605.0, which is the reporting standard on private health insurance reforms data collection, to support insurers to devote resources to handling the impact of COVID-19. HRS 605.0 was initially scheduled to commence for the quarter ending June 2020. This letter also contains information regarding further changes to HRS 605.0 following feedback from insurers. This consultation will be delayed until at least September 2020. Consequently, the first collection would be for the quarter ending March 2021. APRA will advise entities when consultation on HRS 605.0 opens in due course.
Although APRA is pausing the implementation of the December 2019 version of HRS 605.0, private health insurers will continue submitting data using the Excel-based collection. APRA and the Department of Health are concerned that entities may have progressed into building and implementing processes to prepare and submit HRS 605.0 data and, therefore, wish to provide details of the changes prior to further implementation. APRA and the Department have drafted two key changes to HRS 605.0. These changes are relatively minor but will improve the usefulness of HRS 605.0 data. The changes include removing co-payment from Table 2 on insured persons and Table 3 on policies and adding an additional dimension (column) to Table 4 on hospital services, benefits, fees charged, and treatment days and episodes to separately collect psychiatric services.
Related Links
Keywords: Asia Pacific, Australia, Insurance, Private Health Insurers, HRS 605.0, COVID-19, Data Collection, Reporting, APRA
Featured Experts
María Cañamero
Skilled market researcher; growth strategist; successful go-to-market campaign developer
Nicolas Degruson
Works with financial institutions, regulatory experts, business analysts, product managers, and software engineers to drive regulatory solutions across the globe.
Scott Dietz
Scott is a Director in the Regulatory and Accounting Solutions team responsible for providing accounting expertise across solutions, products, and services offered by Moody’s Analytics in the US. He has over 15 years of experience leading auditing, consulting and accounting policy initiatives for financial institutions.
Previous Article
OCC Streamlines and Consolidates Its Bank Supervision FunctionsRelated Articles
OSFI Issues Phase2 Consultation on Climate Scenario Exercise for Banks
The Office of the Superintendent of Financial Institutions (OSFI) recently announced a consultation on the second phase of the Standardized Climate Scenario Exercise (SCSE) for banks and other financial institutions it regulates in Canada.
BIS and Central Banks Experiment with GenAI to Assess Climate Risks
A recent report from the Bank for International Settlements (BIS) Innovation Hub details Project Gaia, a collaboration between the BIS Innovation Hub Eurosystem Center and certain central banks in Europe
Nearly 25% G-SIBs Commit to Adopting TNFD Nature-Related Disclosures
Nature-related risks are increasing in severity and frequency, affecting businesses, capital providers, financial systems, and economies.
Singapore to Mandate Climate Disclosures from FY2025
Singapore recently took a significant step toward turning climate ambition into action, with the introduction of mandatory climate-related disclosures for listed and large non-listed companies
SEC Finalizes Climate-Related Disclosures Rule
The U.S. Securities and Exchange Commission (SEC) has finalized the long-awaited rule that mandates climate-related disclosures for domestic and foreign publicly listed companies in the U.S.
EBA Proposes Standards Related to Standardized Credit Risk Approach
The European Banking Authority (EBA) has been taking significant steps toward implementing the Basel III framework and strengthening the regulatory framework for credit institutions in the EU
US Regulators Release Stress Test Scenarios for Banks
The U.S. regulators recently released baseline and severely adverse scenarios, along with other details, for stress testing the banks in 2024. The relevant U.S. banking regulators are the Federal Reserve Bank (FED), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC).
Asian Governments Aim for Interoperability in AI Governance Frameworks
The regulatory landscape for artificial intelligence (AI), including the generative kind, is evolving rapidly, with governments and regulators aiming to address the challenges and opportunities presented by this transformative technology.
EBA Proposes Operational Risk Standards Under Final Basel III Package
The European Union (EU) has been working on the final elements of Basel III standards, with endorsement of the Banking Package and the publication of the European Banking Authority (EBA) roadmap on Basel III implementation in December 2023.
EFRAG Proposes XBRL Taxonomy and Standard for Listed SMEs Under ESRS
The European Financial Reporting Advisory Group (EFRAG), which plays a crucial role in shaping corporate reporting standards in European Union (EU), is seeking comments, until May 21, 2024, on the Exposure Draft ESRS for listed SMEs.
